Stamford's Patriot Bank Streamlines Small Business Loan Process

From Patriot Bank: Patriot National Bancorp, Inc. (PNBK), the parent company of Patriot Bank, N.A. headquartered in Stamford, CT, announces the bank has been designated a “Preferred Lender” by the U.S. Small Business Administration (SBA), allowing it to process, close, and service most SBA-guaranteed loans without prior SBA review. This offers entrepreneurs and small community businesses the ability to obtain their loans more quickly and efficiently.

Under the Preferred Lenders Program (PLP), SBA lenders such as Patriot Bank are delegated loan approval as well as closing, and servicing authority, enabling them to make loan decisions more rapidly.

To earn the PLP designation, Patriot Bank had to demonstrate a successful track record with SBA-guaranteed small business loans and a detailed understanding of SBA lending policies. Patriot Bank became an SBA-approved lender in 2017.

“When we started facilitating SBA-guaranteed small business loans, we always intended to offer our customers the absolute best quality of service available, from the start of the application to the ultimate success of the company,” said Richard Muskus, Jr., President of Patriot Bank. “As a Preferred Lender, we will continue to provide support for many more small businesses that want to build themselves and contribute mightily to our economy.”

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. Maturities are up to 25 years for commercial mortgages and up to 10 years for all other purposes.

“Patriot Bank is focused on supporting entrepreneurs with their diverse banking needs necessary to operate and grow their businesses,” said Kevin Ferryman, Director of SBA Lending at Patriot Bank. “As a Preferred Lender, Patriot Bank is now offering a more streamlined experience that allows business owners to access critical financial resources more rapidly, so they can remain focused on running their companies. The PLP designation adds enormous benefit to Patriot Bank’s current and future small business customers.”

Patriot Bank is a full-service, FDIC-insured, federally-chartered financial institution. The bank offers a comprehensive array of innovative financial solutions including commercial and consumer loans as well as deposit, savings, and retirement accounts. These services are available through the bank’s 9 convenient offices located in Connecticut and New York. As of August 30, 2018, Patriot Bank had nearly $1 billion in assets. For more information, visit www.bankpatriot.com.

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