San Diego Private Bank has been awarded Preferred Lender Program (PLP) status by the Small Business Administration. The SBA guarantees a portion of bank loans made to qualified borrowers for up to $5 million at attractive rates and on attractive terms in order to add jobs and stimulate economic growth. PLP status allows SDPB delegated authority to guarantee loans on behalf of the SBA, thereby accelerating loan funding.
"From the outset, we structured the SBA division for excellence in client servicing, underwriting and processing, with the intention of building a leading SBA organization," said Michael T. Valenti, senior vice president and SBA division manager.
Valenti and Brian J. McClendon, senior vice president and SBA division sales manager, joined SDPB in April 2012 to start the SBA division. There are now nine experienced SBA bankers in the division.
"The division will be branded as 'Private Business Capital, a division of San Diego Private Bank,' as we operate in markets outside San Diego County," McClendon said.
Currently SDPB is ranked eighth in the county in SBA loan production for 2012 and has begun operating in Orange County.