Cooperative Bank of Cape Cod Named SBA Preferred Lender

HYANNIS – The Cooperative Bank of Cape Cod has been named an SBA Preferred Lender.

The designation will allow the Coop to streamline loan decisions for small business clients.

The bank was recently presented a program plaque by the SBA Massachusetts District Office.

Under the Preferred Lenders Program, high volume lenders are delegated loan approval, along with closing and most servicing and liquidation authority, enabling them to make loan decisions more rapidly.

The SBA assigns a loan number instantaneously for approved PLP loans submitted by participating lenders.

To earn the PLP designation, lenders must establish a successful track record and display a thorough understanding of SBA lending policies and procedures.

“We’re honored to be named an SBA Preferred Lender,” said Lisa Oliver, President and CEO of The Cooperative Bank of Cape Cod.

“It’s a testament to our team’s dedication to the small business community.  Most importantly, it will allow us continue to offer clients a comprehensive suite of loan products with faster turnaround and easier application process.”

The SBA, under its 7(a) Loan Guaranty Program, can guarantee loans up to $5 million. 

Loans are available for most business purposes, such as to purchase commercial real estate, equipment, and inventory as well as for short-term working capital. 

The interest rate normally will not exceed 2.75 over the prime lending rate.  Maturities are up to 10 years for working capital and up to 25 years for fixed assets.