WYOMISSING, Pa., June 04, 2018 (GLOBE NEWSWIRE) -- Customers Bank, the region’s leading super-community bank with operations in Pennsylvania, D.C., Illinois, New York, New Jersey and New England, has been granted Preferred Lender status under the United States Small Business Administration’s (SBA) Preferred Lenders Program (PLP).
Preferred Lender is the highest level of approval and status that a lender can hold in the SBA loan program. As a Preferred Lender, Customers Bank can now process, close, service and liquidate most SBA-guaranteed loans without SBA review, providing a faster and more streamlined process for financing small businesses.
“Time is money to small businesses, so reducing the typical review times that SBA-guaranteed loans often involve will be very welcomed by our customers,” said Pam Davis, Director of SBA Lending for Customers Bank. “Small businesses drive job creation and economic stability. Customers Bank looks forward to providing this new level of service to help them succeed, and to help our communities grow.”
The SBA lists Customers Bank among the top 100 SBA lenders in the nation.
SBA loans have benefits that make them attractive alternatives to conventional loans for small businesses, including loan amounts from $250,000 to $5 million; as little as 10% down on commercial real estate; flexible disbursement schedules; reasonable interest rates; and financing for loan closing costs, making them suitable for a wide range of business purposes. They also offer more favorable terms to qualifying small businesses, with longer repayment terms, lower payments and, for most types of loans, no-prepayment penalties.
“We are proud to be fueling the American dream for small business owners and entrepreneurs, and pleased to know that we have financed the retention and creation of thousands of jobs in communities all across America,” said Customers Bank President & COO Richard A. Ehst.
About Customers Bank
Customers Bancorp, Inc. is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of approximately $10.8 billion at March 31, 2018. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, District of Columbia, Illinois, New York, Rhode Island, Massachusetts, New Hampshire, and New Jersey. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as Single Point of Contact banking by appointment at customers’ homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers. Customers Bancorp, Inc. voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information about Customers Bancorp, Inc. can be found on the Company's website, www.customersbank.com.
President & COO