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MenuParagon Small Business Capital Group Obtains Preferred Lenders Program Status
02-25-16
Paragon Small Business Capital Group, a division of Paragon Bank, today announced it received Preferred Lenders Program (PLP) status, allowing the company to approve loans guaranteed by the U.S. Small Business Administration (SBA). This program provides businesses access to loans and capital that ordinarily would not be available to them.
“This status is this highest standard in the small business lending industry, and it adds nationwide credibility to our team,” said Charles Yorke, President of the Paragon Small Business Capital Group. “It signifies that we are on top of our game and adhere to the standard operating procedures of the SBA, as well as the opportunity to increase the benefits we can deliver to our customers.”
The PLP works to streamline the procedures necessary to provide financial assistance to the small business community, which, in turn, results in faster loan closings. This is one of the many benefits to small businesses under the program. While the SBA continues to check loan eligibility criteria, it delegates the final credit decision and most servicing and liquidation authority and responsibility to designated PLP lenders.
Paragon was considered for PLP status based on its record with the SBA. The group also had to demonstrate that it had the required ability to process, close, service and liquidate loans, as well as the ability to develop and analyze complete loan packages.
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