New SBA Preferred Lender Status Announced
July 02, 2019
The U.S. Small Business Administration issued a press release on July 2, 2019 recognizing our recent achievement of being named a Preferred Lender. Our teams worked diligently to become a Preferred Lender because we believe in the importance of providing small businesses with the tools they need to grow. Our mission is to help customers achieve their goals through innovative solutions delivered with a tailored approach and locally informed decision-making. Having delegated SBA loan approval authority fits perfectly with our community bank model of providing timely credit approvals driven by local expertise.
Release Date: July 2, 2019 Contact: [email protected]
Release Number: 19-09 Follow us on Twitter
Denver-based Sunflower Bank Secures New SBA Preferred Lending Status
DENVER – Colorado’s Sunflower Bank recently achieved the “U.S. Small Business Administration Preferred Lender” designation, giving the bank the ability to provide small business loans to more companies and, in many cases, faster than before.
Sunflower Bank, headquartered in Denver, was approved for its preferred lender designation on June 18th. The bank now joins 11 other Colorado-based financial institutions as a preferred lender, each of which provided $49 million in small business lending throughout Fiscal Year 2019.
“We’re excited to have Sunflower Bank join the ranks of SBA Colorado’s preferred lenders,” said Frances Padilla, Director, SBA Colorado District Office. “Each preferred lender helps to both launch and grow our state’s small businesses with access to much needed capital. Because of them, our small businesses can succeed.”
Sunflower Bank also operates as First National 1870 throughout New Mexico and West Texas.
Under the Preferred Lenders Program, high-volume SBA lenders such as Sunflower Bank 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.
“Earning the SBA Preferred Lender designation is an important achievement as we enhance our capacity to provide growing businesses with tools they need,” said Mollie Carter, Chairman, Sunflower Bank. “By combining our local expertise with our SBA Preferred Lender status, we can continue to create possibility for all our Sunflower Bank and First National 1870 customers through timely credit approvals while strengthening communities through job creation and economic growth.”
The SBA, under its 7(a) Loan Guaranty Program, can guarantee loans up to $5 million. Loans are available for most business purposes, such as to purchase commercial real estate, equipment, and inventory as well as for short-term working capital. The interest rate normally will not exceed 2.75 over the prime lending rate. Maturities are up to 10 years for working capital and up to 25 years for fixed assets.
About Sunflower Bank
Operating as Sunflower Bank, First National 1870 and Guardian Mortgage, Sunflower Bank, N.A. provides financial solutions to the individual communities it serves. With approximately $4 billion in assets as of March 31, 2019, headquarters in Denver, bank locations in six states, and mortgage capabilities in more than 40 states, Sunflower Bank, N.A. provides a full range of relationship-focused services to meet personal, business, and wealth management financial objectives. Member FDIC. Equal Housing Lender. First National 1870 and Guardian Mortgage are divisions of Sunflower Bank, N.A. To learn more visit www.SunflowerBank.com, www.FirstNational1870.com, or www.GuardianMortgageOnline.com.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.