HOULTON — Officials of the U.S. Small Business Administration (SBA) today announced in late June that Katahdin Trust Company has been designated as a Preferred Lender in its SBA Loan programs. The Preferred Lender status is reserved for the SBA’s most experienced and trusted lenders with a proven record of lending performance and excellence.
By having the Preferred Lender designation, Katahdin Trust Company loan officers will be able to process and close SBA loans more quickly as much of the loan underwriting is delegated to the lender, streamlining the loan process while obtaining faster authorization for SBA loan applications.
Katahdin Trust Company was the first bank in Maine to offer Patriot Express Loans for veterans and was also one of a handful of Maine-based banks to process America’s Recovery Capital (ARC) Loans for economic recovery; both government-based loan programs. According to Pete St. John, Senior Vice President of Commercial Services at the Bank, “Our involvement and commitment to these prior two loan programs were important to Katahdin Trust Company earning the Preferred Lender status for SBA loan processing.”
“Katahdin Trust Company has a long-standing record of achievement and is a leader in SBA lending in Maine,” said Moe Dubé, SBA Maine District Director. “The Small Business Administration is pleased to recognize this longstanding record by designating Katahdin Trust Company as a Preferred Lending Program member. With this designation, Katahdin Trust Company will have even greater flexibility and autonomy in its SBA lending activities, and helping our small business owners get the capital they need to operate and grow their businesses.”
“Preferred Lender designation is attained if a lender has shown a good historical track record as a participant in other SBA guarantee programs,” St. John added. “Over the years we have been able to increase our involvement in those programs which allowed us to be designated in the Preferred Lender Program. Our bank is highly regarded by the SBA as a quality lender, which is a reflection of our many years of experience and expansion of our portfolio with SBA. With our Preferred Lender designation we look forward to being able to better serve our customers and to providing them very timely responses to their loan requests.”
