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People's: Preferred
Bank earns highest SBA lender status
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Business New Haven
3/3/2003
By: BNH
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BRIDGEPORT - People's Bank has been designated a Preferred Lender by the U.S. Small Business Administration (SBA). Preferred Lender status offers potential customers expedited turnaround on loan applications because it allows People's to approve SBA-guaranteed loans with only minimal review.
"Preferred Lender status is the SBA's premier accreditation," said William Murray, assistant district director of the SBA's Connecticut district office. The Bridgeport bank also announced it has been granted authorization to use SBAExpress, a federal loan-guarantee program for small businesses. SBAExpress allows guaranteed loans to be written as term loans or lines of credit.
"SBAExpress will help us provide an exceptional customer experience," said Andreas Kapetanopoulos, People's vice president for community lending. "We can now offer customers an expanded line of commercial loan products and cut approval time dramatically."
Founded in 1842, People's is a diversified financial services company and the largest state-chartered bank in Connecticut, with managed assets of $13 billion, 155 branches and more than 230 ATMs.
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