John Marshall Bank Announces Inclusion into the Small Business Administration Preferred Lender Program
Reston, VA — John Marshall Bank (“JMB” or the “Bank”), subsidiary of John Marshall Bancorp, Inc. (the “Company”) (Nasdaq: JMSB), is proud to announce that the Bank has been designated as a “preferred lender” as part of the Small Business Administration’s (SBA) Preferred Lender Program. This designation, which is the highest recognition a lender can receive, adds to the Bank’s growing business banking operations by greatly streamlining the loan approval process for SBA guaranteed loans.
In order to receive this designation, the Bank had to process a designated number of guaranteed SBA loans along with reaching numerous other criteria set by the SBA. Additionally, the SBA analyzed the Bank’s ability to efficiently complete loan packages. These efforts were led by the Bank’s dedicated SBA team and their commitment to supporting small businesses.
“The Preferred Lender designation from the SBA provides another avenue for the Bank to serve a broader range of businesses throughout our footprint,” stated Andrew Peden, SEVP, Chief Banking Officer. “Along with receiving the expedited service the program provides, customers will have access to a full range of business banking services and our expert team dedicated to the success of their business.”
As an SBA Preferred Lender, the Bank now has the authority and proven expertise to make loan decisions without direct approval from the SBA. This greatly streamlines the entire loan approval process and, in some cases, shortens the loan approval time. Additionally, it shows business owners that the Bank has a proven track record of quickly getting them the funds they deserve. The Preferred Lender status also grants the Bank access to additional resources, such as educational materials and workshops, to assist small business owners in running their businesses after receiving their SBA loans. Beyond Preferred Lender status, the Bank utilizes LendUX, a specially designed SBA 7(a) lending platform that greatly enhances the borrower’s user experience throughout the entire loan process. These are part of the suite of products that the Bank’s business banking program offers while remaining committed to investing in technology and efficiencies to improve the customer experience.
To apply for an SBA loan through John Marshall Bank, reach out to businessbanking@johnmarshallbank.com.
