U.S. Small Business Massachusetts District Director Robert H. Nelson will present Michael A. Butler, president and CEO of First Trade Union Bank, with the organization’s official SBA preferred lenders status designation.
The Boston-based bank will be presented with the designation on Thursday, Feb. 4 at 10:30 a.m. at the bank’s Harbor Street location in Boston.
Under the preferred lenders program (PLP), high-volume SBA lenders such as First Trade Union Bank are delegated loan approval, closing and most servicing and liquidation authority, enabling them to process loans faster.
The SBA generally approves PLP loans submitted to them by participating lenders in less than 36 hours. To earn the PLP designation, lenders must establish a successful track record and display a thorough understanding of SBA lending policies and procedures, according to a statement.
