Clinton Savings Bank receives SBA express lending authority
Photo | Courtesy of Clinton Savings Bank
Clinton Savings Bank celebrate the bank's approval to offer SBA express lending.
Clinton Savings Bank is now eligible to offer up to $500,000 in U.S. Small Business Administration loans without having to wait for SBA review.
The financial institution has received approval from the SBA to be a delegated lender for express lending, according to a Wednesday press release from CSB.
“Our mission as a community bank is to help customers achieve their goals through innovative solutions delivered with a tailored approach and locally informed decision-making,” Robert Rivard, senior vice president/chief lending officer for CSB, said in the press release. “Having SBA Delegated Lender status adds to the bank’s growing business banking operations by streamlining the loan approval process for SBA guaranteed loans and fits perfectly with our model of providing timely credit approvals.”
SBA Express loans offer lenders the ability to use their own process and procedures in exchange for a lower guaranty percentage, according to the SBA’s website. The maximum loan amount for SBA Express loans is $500,000, with revolving lines of credit available for up to 10 years.
“We are thrilled to have Clinton Savings Bank as one of our delegated lenders,” Ili Spahiu, acting Massachusetts SBA district director, said in the press release. “Along with receiving the expedited service the program provides, the bank’s customers will have access to a full range of business banking services to assist in the success of their business.”
The move adds to CSB’s offerings to small business, which includes SBA Standard 7(a) loans as well as 504 Loans, which is long-term, fixed-rate financing offered to help acquire fixed assets through a partnership with a certified development company.
CSB is the 17th largest bank in Central Massachusetts, according to data provided to the WBJ Research Department, with $602.6 million in local deposits and $720.7 million in total assets as of June 2023.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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