The Cooperative Bank of Cape Cod has been named an SBA Preferred Lender, a designation that will allow The Coop to streamline loan decisions for their small business clients.
“We’re honored to be named an SBA Preferred Lender,” said Lisa Oliver, president and CEO of The Cooperative Bank of Cape Cod. “It’s a testament to our team’s dedication to the small business community. Most importantly, it will allow us to continue to offer clients a comprehensive suite of loan products with faster turnaround and easier application process.”
Under the Preferred Lenders Program, high-volume SBA lenders such as The Coop are delegated loan approval, as well as closing and most servicing and liquidation authority, enabling them to make loan decisions more rapidly. The SBA assigns a loan number instantaneously for approved PLP loans submitted by participating lenders. To earn the PLP designation, lenders must establish a successful track record and display a thorough understanding of SBA lending policies and procedures.
“Congratulations to The Cooperative Bank of Cape Cod for achieving the highest level of accreditation by the SBA and on becoming our newest PLP lender in the state. PLP designation is granted to the SBA’s most experienced lenders,” said SBA District Director Robert Nelson. “The bank earned the status by demonstrating their commitment to small business and ability to effectively serve the market with the use of SBA’s programs. As a PLP Lender, the bank now has the authority to process, close,