[CUB] – California United Bank, a subsidiary of CU Bancorp, announced Monday its receipt of Preferred Lenders Program (“PLP”) participant status with the U.S. Small Business Administration.
The Preferred Lenders Program was created by the SBA to streamline procedures and for quick processing of applications in order to provide financial assistance to small businesses. PLP lenders are approved based on their past record with the SBA and must have demonstrated a proficiency in originating, processing and servicing SBA-guaranteed loans.
“California United Bank is proud to be a PLP lender, which is the highest bank designation granted by the SBA and is reserved only for top tier bank lenders,” said David I. Rainer, Chairman, President and Chief Executive Officer of CU Bancorp and California United Bank. “Our receipt of this status is a testament to the dedication of our outstanding team toward building and expanding a best in class SBA lending platform that supports entrepreneurial achievement in our communities. Importantly, it furthers our lending power to drive small business development and job growth throughout our region.”
California United Bank’s lenders have an average of twenty years of experience in helping small businesses through SBA loan programs. Benefits of SBA loans include lower down payments and longer repayment terms than conventional bank loans, enabling small businesses to keep their cash flow for operational expenses and spend less on debt repayment. The Bank’s website at www.cunb.com provides more information about the types of loans offered and the SBA loan application process.