The news was announced in a press release by CSB, highlighting the bank’s commitment to providing timely credit approvals and innovative solutions to its customers. The bank’s senior vice president and chief lending officer, Robert Rivard, expressed his enthusiasm for the approval, stating, “Our mission as a community bank is to help customers achieve their goals through innovative solutions delivered with a tailored approach and locally informed decision-making,” he said. “Having SBA Delegated Lender status adds to the bank’s growing business banking operations by streamlining the loan approval process for SBA guaranteed loans and fits perfectly with our model of providing timely credit approvals.”
The approval was met with excitement by the SBA, with the acting Massachusetts SBA district director, Ili Spahiu, commenting, “We are thrilled to have Clinton Savings Bank as one of our delegated lenders,” he said. “Along with receiving the expedited service the program provides, the bank’s customers will have access to a full range of business banking services to assist in the success of their business.”
The SBA Express loan program offers lenders the ability to use their own process and procedures in exchange for a lower guaranty percentage, according to the SBA’s website. The program provides several benefits, including:
- Faster loan approvals
- Lower guaranty percentages
- Greater flexibility
- Increased access to capital
The maximum loan amount for SBA Express loans is $500,000, with revolving lines of credit available for up to 10 years. This makes it an attractive option for businesses looking to expand or upgrade their operations. CSB is the 17th largest bank in Central Massachusetts, according to data provided to the WBJ Research Department, with $602.6 million in local deposits and $720.7 million in total assets as of June 2023. The bank’s commitment to providing timely credit approvals and innovative solutions has earned it a reputation as a trusted partner for small businesses. The approval is part of CSB’s efforts to expand its offerings to small businesses, which includes SBA Standard 7(a) loans as well as 504 Loans, which is long-term, fixed-rate financing offered to help acquire fixed assets through a partnership with a certified development company.
| Loan Type | Description | Eligibility | Benefits |
|---|---|---|---|
| SBA Standard 7(a) Loans | Long-term financing for business expansion or acquisition | Available to most small businesses | Flexible repayment terms, low interest rates |
| 504 Loans | Long-term, fixed-rate financing for business acquisition or expansion | Available to businesses with a strong credit history and collateral | Low interest rates, long repayment term |
| SBA Express Loans | Fast-tracked, low guaranty percentage loans for business expansion or upgrade | Available to businesses with a strong credit history and collateral | Faster loan approvals, lower guaranty percentage, greater flexibility |
“We are thrilled to have Clinton Savings Bank as one of our delegated lenders,” Ili Spahiu said. “Along with receiving the expedited service the program provides, the bank’s customers will have access to a full range of business banking services to assist in the success of their business.”
The approval is a significant milestone for CSB, marking its commitment to providing innovative solutions and timely credit approvals to its customers. Key Highlights:
- Clinton Savings Bank is now eligible to offer up to $500,000 in SBA Express loans
- The bank has received approval from the SBA to be a delegated lender for express lending
- The SBA Express loan program offers faster loan approvals, lower guaranty percentages, and greater flexibility
- CSB is the 17th largest bank in Central Massachusetts, with a strong reputation for providing timely credit approvals and innovative solutions
- SBA Express Loans: Fast-tracked, low guaranty percentage loans for business expansion or upgrade
- Delegated Lender: A lender that has received approval from the SBA to use its own process and procedures in exchange for a lower guaranty percentage
- SBA Guaranteed Loans: Loans that are insured by the Small Business Administration, offering a lower guaranty percentage and faster loan approvals
This new development is expected to provide significant benefits to CSB’s customers, including faster loan approvals, lower guaranty percentages, and greater flexibility. The approval is a testament to CSB’s commitment to providing innovative solutions and timely credit approvals to its customers, and is expected to further establish the bank’s reputation as a trusted partner for small businesses.
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