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NewMil Gets with SBA Program
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Business New Haven
3/19/2001
By: BNH
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NEW MILFORD - NewMil Bank (formerly the New Milford Bank & Trust Co.) has earned the “preferred lender” designation from the U.S. Small Business Administration (SBA). This authorizes the bank to guarantee qualifying small-business loans without obtaining prior SBA credit approval. In effect, NewMil Bank may now approve its own SBA loans, becoming one of just 20 financial institutions to achieve this distinction among 88 lenders in the SBA's 7(a) guaranty program within the Connecticut district office. Last November NewMil acquired Nutmeg Federal Savings & Loan Association of Danbury to forge one of the top ten lenders in Connecticut for fiscal 2000, underwriting 23 loans worth $2.5 million.
In a separate announcement, the SBA announced that the New Jersey-based Hudson United Bank had been designated a preferred lender in Connecticut.
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