FNBC receives Preferred Lender status from the U.S. Small Business Administration
FNBC has received Preferred Lender Program (PLP) status from the U.S. Small Business Administration.
According to Mark Skelton, Vice President & Senior Commercial Lender for FNBC’s Small Business Division, this new status will allow the bank to make loan decisions more quickly. PLP is awarded to high-volume SBA lenders, which allows them to approve loans without SBA oversight, as well as closing and most servicing and liquidation authority.
“We are excited to receive Preferred Lender status from the SBA,” said Skelton. “This will allow us to provide even quicker service for our clients who are working hard to run their small businesses. With PLP status, we are now able to approve SBA guaranteed loans of up to $5 million under our own authority, significantly speeding up the lending process.”
According to the SBA, to earn the PLP designation, lenders must establish a successful track record and display a thorough understanding of SBA lending policies and procedures.
FNBC launched its Small Business division in January. Skelton, along with Rena Sanders, SBA & Commercial Lending Specialist, operate out of the Batesville office, but serve FNBC’s entire footprint and beyond. The division provides additional small business banking and development options through various programs and initiatives.
FNBC is a $450 million-asset community bank headquartered in Ash Flat, Ark. Chartered in 1912 as The Bank of Ash Flat, today it serves a six county footprint throughout North Central and Northeast Arkansas with its 11 locations. Its most recent location, a Loan Production Office, is scheduled to open August 23 in Jonesboro at 1118 Windover Road.