Taunton-based Bristol County Savings Bank has been designated as an SBA Preferred Lender, the U.S. Small Business Administration (SBA) announced yesterday.

"We are delighted to name Bristol County Savings Bank as our newest SBA Preferred Lender," Robert H. Nelson, Massachusetts district director of the U.S. SBA, said in a statement. "PLP status is the highest lending designation granted by the SBA and we carefully select those we partner with at this level. Congratulations to the entire small business team at Bristol County Savings Bank for achieving this status."

Under the Preferred Lenders Program (PLP), high-volume SBA lenders such as Bristol County Savings are delegated loan approval as well as closing and most servicing and liquidation authority, allowing them to make loan decisions faster.  The SBA generally assigns a loan number instantaneously for approved PLP loans submitted by participating lenders.  To earn the PLP designation, lenders must establish a successful track record and display a thorough understanding of SBA lending policies and procedures.

"Bristol County Savings Bank is thrilled that the SBA recognizes our successful track record of lending to small business and has awarded the bank SBA Preferred Lending status…The enhancement of an SBA guarantee, combined with the ability to provide rapid loan decisions, will allow many area businesses the access to funds not previously available," Leonard Sullivan, first executive vice president and senior loan officer at Bristol County Savings Bank, said in a statement.