OneCalifornia Bank was just approved by the U.S. Small Business Administration (SBA) for Preferred Lenders Program (PLP) and for Certified Lenders Program (CLP) Status. This recognition by the SBA confirms the excellent lending OneCalifornia Bank is doing in the realm of SBA loans and will bolster the loans their clients receive.
Designation as a Preferred Lender is the most prestigious designation granted by the SBA. As part of the Preferred Lenders Program, the SBA designates to the lenders the origination, approval, documentation, closing, and most servicing and liquidation authority and responsibility for SBA guaranteed loans. With this authority, loans get approved and funded more quickly by the SBA, which benefits both lenders such as OneCalifornia and their clients.
This award also ties in nicely with the bank’s mission. The bank makes a conscious effort to lend to small businesses and make the process as easy and understandable as possible. PLP status is one step in the SBA’s process of “streamlining” the procedures necessary to provide financial assistance to the small business community.
Lenders qualify for PLP status by maintaining an exceptional performance record coupled with strong loan volume and low default rates, meaning that PLP lenders such as OneCalifornia Bank are more experienced and better equipped to manage SBA loans than other lenders.