Needham Bank Becomes Small Business Administration Preferred Lender
Needham Bank has officially been named a U.S. Small Business Administration (SBA) Preferred Lender—the highest lending status available within the agency.
“As a Preferred Lender, Needham Bank now has the authority to process, close and service most SBA-guaranteed loans without needing prior review,” commented Michael Semizoglou, SVP – Director Small Business. “I am honored that we now have this lending designation, which will help make SBA loans more accessible for small businesses.”
The Preferred Lenders Program was established to streamline lending procedures and the approval process needed to provide financial assistance to the small business community. To earn this distinction, lenders must demonstrate proficiency in processing and servicing SBA-guaranteed loans as well as SBA lending procedures and policies.
Needham Bank was ranked 6th on the SBA’s 2021 Fiscal Year Loan Volume Report and is currently one of the top 5 most active 7(a) lenders for FY 2022, establishing the bank’s expertise in SBA lending.
“Congratulations to Needham Bank on obtaining PLP status,” said Robert Nelson, SBA Massachusetts District Director. “After demonstrating a proven track record of success for several years, Needham Bank now joins a select group of lenders across the nation that delivers maximum benefits to borrowers while reinvigorating our vibrant small business communities.”
“At Needham Bank, we are always searching for ways to grow and improve our customer experience,” said Joseph Campanelli, President & CEO. “Our Preferred Lender status enables us to make loan decisions more rapidly, meaning we can now provide our borrowers with faster service.”
Helping small businesses build for their futures is a big way Needham Bank serves local communities. Our lenders take the time to get to know each individual business in order to recommend the right strategies and solutions to help companies achieve their specific goals. For more information about Needham Bank’s small business lending capabilities, visit our website.