PS Bank Announces SBA Preferred Lender Status

PS Bank is pleased to announce that it has received Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). Achieving PLP status is another milestone for PS Bank and its lending team as its portfolio continues to expand throughout Northeastern and North Central Pennsylvania.  PS Bank was nominated for the designation by the Philadelphia SBA field office because of its experience and expertise with SBA lending.

PS Bank offers a variety of SBA loan options for small business owners to meet expansion, acquisition, refinance, and working capital needs.

As a preferred lender, PS Bank can close transactions in a more seamless way – removing documentation hurdles and speeding up the loan approval process. PLP accreditation is based on an SBA review that analyzes loan processes, loan servicing, loan package development, and overall performance. Banks are reviewed based on their risk rating, default rates, purchase rates, loss rates, on-site reviews, loan volume, and more.

“Our lending team’s dedication to the success of each business customer, their customized approach to meeting business objectives, and their experience handling SBA transactions has led to our designation as a preferred lender,” said Anthony J. Gabello, President and CEO.

For over 100 years, PS Bank’s experienced lending team has developed close relationships with business owners in a variety of sectors. “Our team was especially successful during the outbreak of COVID-19 in their ability to service nearly every business that sought financial support through the Paycheck Protection Program. Regardless of business size, the necessary support was provided to each and every customer,” said Gabello.

Paul Walsh, vice president and commercial loan officer, has used the SBA program for over 20 years. “Put simply, SBA lending is good prudent lending.  It benefits borrowers by providing lower down payments and longer terms than traditional bank financing, keeping money within the business instead of tying it up in fixed assets or other expenses,” said Walsh. “Throughout my career, SBA Lending has enabled me to provide small businesses with the best financing options available.”