Loveland, CO (December 19, 2017) – Advantage Bank has been awarded the “Preferred Lender” designation from the U.S. Small Business Administration (SBA). This designation is reserved for lenders with a successful track record of processing and servicing SBA-guaranteed loans. Bank performance, loan volume and comprehensive knowledge of SBA lending policies and procedures are also factors the SBA considers when awarding this designation.
“This is an exciting development for our bank,” said Jeff Kincaid, Advantage Bank’s President. “As a part of SBA’s Preferred Lender Program, we are now able to process SBA loans in-house allowing us to expedite the loan approval and provide an even greater level of service to our business customers.”
Joel Krominga, Advantage Bank’s Vice President of Commercial Lending, led the Preferred Lender application process for the bank and added, “We are a community bank and we understand the needs of small, local businesses. Having this designation means we are able to offer those businesses financing options that they might not be able to find with other lenders. We can also save them valuable time by not having to wait several weeks to close the loan.”
The designation also reinforces the bank’s connection to Northern Colorado as Advantage Bank’s Chief Credit Officer, Michael Lombardelli, said, “When small businesses are able to find the resources they need to grow, it creates jobs and it has a positive impact on the local economy. The whole community benefits and as an SBA Preferred Lender we are happy that we can play a larger role in that now.”