LOS ANGELES -- (Business Wire)
American Business Bank (OCTBB: AMBZ), today announced its receipt
of Preferred Lenders Program (“PLP”) participant status with the U.S.
Small Business Administration (“SBA”).
“Our receipt of this status is a testament to the dedication of our
outstanding team toward building and expanding a best in class SBA
lending platform that supports entrepreneurial achievement in our
communities. Importantly, it furthers our lending power to drive small
business development and job growth throughout our region,” said Leon
Blankstein, President and Chief Executive Officer at American Business
Bank.
The Preferred Lenders Program was created by the SBA to streamline
procedures and for quick processing of applications in order to provide
financial assistance to small businesses. PLP lenders are approved based
on their past record with the SBA and must have demonstrated a
proficiency in originating, processing and servicing SBA-guaranteed
loans.
“American Business Bank is proud to be a PLP lender, which is the
highest bank designation granted by the SBA and is reserved only for top
tier bank lenders,” said Stephen Pihl, Regional EVP and SBA Department
Manager.
American Business Bank’s lenders have an average of twenty years of
experience in helping small businesses through SBA loan programs.
Benefits of SBA loans include lower down payments and longer repayment
terms than conventional bank loans, enabling small businesses to keep
their cash flow for operational expenses and spend less on debt
repayment. The Bank’s website at www.americanbusinessbank.com provides
more information about the types of loans offered and the SBA loan
application process.
AMERICAN BUSINESS BANK headquartered in downtown Los Angeles offers a
wide range of financial services to the business marketplace. Clients
include wholesalers, manufacturers, service businesses, professionals
and non-profits. The Bank has opened four Loan Production Offices in
strategic areas including our Orange County Office in Irvine, our South
Bay Office in Torrance, our San Fernando Valley Office in the Warner
Center, and our Inland Empire Office in Ontario.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180312005366/en/
Contacts:
American Business Bank
Karen Schoenbaum, (213) 430-4000
EVP/CFO
Source: American Business Bank
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