The Cooperative Bank of Cape Cod Receives SBA Preferred Lender Status
February 25, 2020 (Hyannis, MA) – 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.
Ili Spahiu, U.S. SBA Massachusetts District Office, Assistant District Director for Lender Relations, and Robert Nelson, U.S. SBA Massachusetts District Director, recently presented the PLP (Preferred Lender Program) plaque to The Coop’s lending team at the bank’s headquarters in Hyannis.
“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 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, service, and liquidate most SBA guaranteed loans without prior SBA review.”
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 The Cooperative Bank of Cape Cod
The Cooperative Bank of Cape Cod is an independent, local, mutual community bank with over $900 million in assets and over 170 employees. Established in 1921, the bank is committed to investing in the Cape Cod community where we live and work. The bank is headquartered in Hyannis with branches on Route 6A in Yarmouth Port, East Dennis and West Barnstable; in Sandwich at 275 Cotuit Road; in Hyannis at 695 Attucks Lane in Independence Park; in East Harwich at 1470 Orleans Road/Route 39; in North Falmouth at 660 North Falmouth Highway; in Falmouth at 238 Worcester Court; and in Marstons Mills at 3878 Falmouth Road. For more information, please visit www.mycapecodbank.com, www.facebook.com/mycapecodbank, or call 508.568.3400.