Thursday, August 16 , 2018, 9:46 pm | Fair 70º

 
 
 
 

Business

American Riviera Bank Increases Small Business Lending

Karen A. Nuno, left, VP SBA loan manager, Annette Jorgensen, VP SBA business development, and Christopher Mori, SBA loan underwriter.
Karen A. Nuno, left, VP SBA loan manager, Annette Jorgensen, VP SBA business development, and Christopher Mori, SBA loan underwriter. (American Riviera Bank)

One indicator of a healthy economy is the amount of money circulating in a community.

That’s why American Riviera Bank’s Small Business Administration (SBA) department is using its Preferred Lending Program (PLP) status to increase the number of loans to the local business community.

A PLP lender has earned the highest level of approval and status a lender can hold with the government-run SBA. This status provides for streamlining, flexibility, and expediting loan approval.

A PLP lender can make final credit decisions and underwrite its own loans, resulting in a much quicker turnaround from loan application to funding.  

“Loans increase dollars in circulation. When banks are healthy and actively making loans in a community, the community is economically growing and healthy,” said Annette Jorgensen, vice president/business development officer.

”This is the underlying premise of the SBA’s lending program and why it is so vital to a strong economy,”  she said. “And helping small businesses is one way American Riviera Bank can demonstrate its commitment to community banking.”

A SBA loan can be used to start a new business, buy an existing business, expand a business, or buy commercial real estate with as little as 10 percent down.

Additionally, SBA loan programs offer longer repayment terms, lower payments, and no prepayment penalties (excluding commercial real estate) in contrast to most standard bank loans.                                                                                                                                                                       

For more information on American Riviera Bank’s SBA Preferred Lending Program, call Jorgensen, 979-3846.

— Jennifer Goddard for American Riviera Bank.

 

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