Achieves SBA Preferred Lenders Program Status
Bank Afforded Ability to Rapidly Process Small Business Administration Loans Through Demonstrated Past Proficiency
January 18, 2016 – (Sarasota, Florida) – Gateway Bank of Southwest Florida President and Chief Executive Officer, Shaun P. Merriman announced today the bank has been awarded “Preferred Lender Program” status by the United States Small Business Administration (SBA).
According to the SBA (www.sba.gov), the Preferred Lenders Program (PLP) is part of the SBA effort to streamline the procedures necessary to provide financial assistance to the small business community. Under this program, SBA delegates the final credit decision and most servicing and liquidation authority and responsibility to carefully selected PLP lenders.
Gateway Bank is an active SBA lender and the Gateway SBA effort is led by Group Vice President, Jordan Hallam. Over the past several years Gateway Bank has originated millions in SBA (7A) loans to small businesses in Sarasota and Manatee counties. Loan requests for this program can range from $50,000 up to $5,000,000.
The SBA 7(a) loan program allows financial institutions to make loans with favorable terms and structures that otherwise may not be available to borrowers due to their time in business or collateral requirements. This form of financing allows borrowers to fully realize the potential of their business enterprise.
In making the announcement, Shaun Merriman stated, “Achieving PLP status will allow Gateway Bank to really streamline the SBA lending process as the approval time frame will be considerably shorter.” He continued, “One of the main criteria the SBA uses for PLP consideration is past performance and demonstrated proficiency in handling documentation. Achieving PLP status is a testament to the work our bankers have done in underwriting and loan processing.”
Further information regarding the Gateway Bank SBA loan programs is available by contacting Jordan Hallam, Gateway Bank Group Vice President and Director of Business Banking by phone at 941/306-0104 or by email at firstname.lastname@example.org.
About Gateway Bank of Southwest Florida: Gateway Bank of Southwest Florida is an independent community bank serving business and consumer banking clients in Sarasota and Manatee counties. The bank consistently receives a Five Star (superior) rating from Bauer Financial (www.bauerfinancial.com) recognizing the bank for high capitalization, exceeding regulatory compliance standards and high quality asset management.
Gateway Bank operates three full service banking locations. The main office is located at 1100 South Tamiami Trail in Sarasota. The University Parkway banking center is located at 6204 North Lockwood Ridge Road, and the Manatee Avenue Banking Center is located on the northwest corner of 21st Street West and Manatee Avenue West.
The employees of Gateway Bank are dedicated to giving back to the community through volunteerism and monetary donations. In 2015, employees logged over 2,100 volunteer hours.
The shareholders and directors of Gateway Bank of Southwest Florida are primarily residents of Sarasota and Manatee counties. The Board of Directors includes: Charles J. Bartlett – Icard, Merrill, Cullis, Timm, Furen and Ginsburg, PA; Dr. Gary K. Bockhold – Center for Sight; David J. Grain – Grain Management; David K. Maholias – Gateway Financial Holdings of Florida, Inc.; Shaun P. Merriman – Gateway Bank of Southwest Florida; Gavin W. Meshad – JWM Management, Inc.; Katherine K. Moulton – Resort Management Consultants; Wayne M. Ruben – WMR Consulting, LLC; and David E. Sessions, Willis A. Smith Construction Inc.
Further information regarding Gateway Bank of Southwest Florida may be obtained by contacting Shaun P. Merriman, President and CEO at 941-306-0105.