The United States Small Business Administration (SBA) recently designated Worcester-based Commerce Bank a Preferred Lender and a Certified Lender.

The SBA guarantees loans made by financial institutions such as banks and credit unions.  Under the Preferred Lenders Program (PLP), SBA delegates the final credit decision and most servicing and liquidation authority and responsibility to carefully selected PLP lenders.  Lenders are considered for PLP status based on their record with SBA, and must have demonstrated a proficiency in processing and servicing SBA-guaranteed loans.

The Certified Lenders Program (CLP) is designed to provide expeditious service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders are expected to perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

Commerce Bank also holds the designations of SBA Express Lender, Patriot Express Lender and Export Lender.