MainSource Bank (NASDAQ: MSFG), Greensburg, Indiana –— MainSource Bank is pleased to announce it is now a Preferred Lender (PLP) with the United States Small Business Administration (SBA).
The PLP, as summarized by the SBA, is a part of the effort to streamline the procedures necessary to provide financial assistance to the small business community. Under this program the SBA delegates the final credit decision for loans up to $5 million to MainSource Bank.
In granting MainSource Bank PLP status, the SBA has considered and determined that MainSource Bank: has the required ability to process, close, service and liquidate loans; has the ability to develop and analyze loan packages; and has a satisfactory performance with the SBA.
Lenders are considered for PLP status based on their record with SBA, and must have demonstrated a proficiency in processing and servicing SBA guaranteed loans.
“This designation allows us to process approvals and loan closing in a much more timely and efficient fashion to better serve the financial needs of our customers,” said Mark Schoettmer, Vice President and SBA Manager for MainSource Bank.
Along with this new designation MainSource Bank also finished in the top ten in Indiana for the number of loans approved.
MainSource Financial Group is listed on the NASDAQ National Market (under the symbol: “MSFG”) and is a community-focused, financial holding company with assets of approximately $2.8 billion. The Company operates 73 full-service offices throughout Indiana, Illinois, Kentucky and Ohio through its banking subsidiary, MainSource Bank, headquartered in Greensburg, Indiana. Through its non-banking subsidiary, MainSource Title LLC, the Company provides various related financial services.