Valley Bank earns “Preferred Lender” designation by the U.S. Small Business Administration

News | 11/6/2019

New distinction means lending team can expedite funding to small businesses

 

TAMPA, Fla. (November 6, 2019) – Valley Bank has achieved the U.S. Small Business Administration’s “Preferred Lender” designation, giving the bank the ability to process SBA loans faster than ever before.

Valley can now approve, underwrite and service SBA-guaranteed loans without prior review from the SBA under the Preferred Lenders Program. To receive Preferred Lender status, banks must establish a strong lending record with the SBA and demonstrate proficiency in approving, processing and servicing SBA guaranteed loans.

“The SBA Preferred Lender designation is an important achievement that reflects our skill in providing small businesses with funding they need to grow,” said Christopher Kneer, Senior Vice President, SBA Division Head at Valley Bank. “By combining our expertise in the markets we serve with our SBA Preferred Lender status, we have the ability to get loans approved quicker than ever before, sometimes shortening the approval process by two or three weeks.”  

Valley works with a wide range of clients, from manufacturers to professional services and fitness studios, and provides SBA loans for a variety of uses. SBA loans can be used to buy owner-occupied real estate, upgrade facilities, purchase machinery, or refinance debt. They can also be used for expanding a business, including acquiring a complementary business or launching a new location. 

Valley Bank’s SBA operations are led by a 19-person team in Tampa, which drives the process bank-wide with local SBA business development officers in Florida, Alabama, New York and New Jersey. Valley is currently ranked as one of the top SBA lenders in the Tampa Bay region and has been a highly ranked SBA lender in Alabama.

SBA 7(a) loans are commercial loans that are partially guaranteed by the SBA. The guarantee allows Valley to provide loans that might not fit conventional guidelines. The SBA has been in existence since 1953 and was formed to help America’s businesses flourish.

Learn more about Valley’s SBA lending program by visiting www.valley.com/business/sba-lending.

About Valley Bank
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $32.5 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates over 200 branches across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Service Center at 800-522-4100.