What You Stand to Gain by Working with an SBA-Preferred Lender
If you’re a small business owner who’s looking to take out an SBA loan, you may be wondering what the difference is between a Preferred Lender and a General Program lender. In short, the Preferred Lender Program is designed to streamline the lending process and get small businesses the capital they need as quickly and efficiently as possible. Here are three reasons why you should consider working with a Preferred Lender.
1. Faster Loan Approvals
One of the biggest benefits of the Preferred Lender Program is that it offers faster loan approvals–in some cases, you could get funding in as little as 48 hours. That’s because PLP lenders have delegated authority from the SBA, which means they don’t need to send every loan application to the SBA for approval. This saves time and enables PLP lenders to make quicker decisions on loan applications.
2. More Flexibility
PLP lenders also have more flexibility when it comes to structuring loans. For example, they can offer higher loan amounts and longer repayment terms than GP lenders. This can be a real lifesaver for small businesses that need access to capital but can’t qualify for a traditional bank loan.
3. Better Rates and Terms
Because PLP lenders have a good track record with the SBA, they’re often able to offer better rates and terms than GP lenders. That’s because the SBA has more confidence in PLP lenders–they tend to have lower default rates than GP lenders–which gives them access to lower-cost funding.
If you’re looking for an SBA loan, working with a Preferred Lender is a smart choice. You’ll benefit from faster loan approvals, more flexible loan terms, and better rates and terms.
Alta Commercial Capital only exclusively works with PLP lenders and because of their status our clients with confidence receive a white glove service for an SBA loan.
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