San Diego Private Bank has been awarded Preferred Lender Program status by the U.S. Small Business Administration, the bank said.
“Because the bank has been awarded prestigious PLP status, we now have the ability to take customer service to the next level by quickly approving and closing SBA loan requests,” said Brian J. McClendon, San Diego Private Bank (OTCQB: SDPB) senior vice president and SBA division sales manager. The bank’s SBA division has been recently branded as “Private Business Capital, a division of San Diego Private Bank,” as it lends in markets outside San Diego County.
The SBA designation gives the authority to the bank to approve loans on behalf of the SBA, speeding up the loan process. Under this program, the SBA delegates the final credit decision and most servicing and liquidation authority and responsibility to the PLP lenders, according to the SBA. The SBA, however, does continue to check loan eligibility criteria.
— SDBJ Staff Report