Timberline Bank, a locally owned operation with branches in Grand Junction as well as Montrose and Aspen, has been accepted into the U.S. Small Business Administration Preferred Lenders Program.
“Lenders are carefully selected for PLP status based on their successful track record as an SBA lender. As a PLP partner, Timberline Bank will be able to utilize the SBA programs in a most efficient manner,” said Greg Lopez, director of the SBA Colorado district office.
The Preferred Lenders Program status simplifies and expedites SBA-backed loan application processes. Since loans are evaluated in-house at Timberline Bank, those processes can be shortened from up to two months to about one week.
“Most of the businesses in the market areas we serve can qualify for some type of SBA financing,” said Mell Taets, vice president of Timberline Bank. “Right now, there’s a need for credit and with our PLP designation, we can reduce the time it takes to process an SBA package so we can meet that need more efficiently.”
Jeff Taets, president of Timberline Bank, agreed. “Timberline Bank has positioned itself to best serve the commercial businesses in our community,” he said. “On the deposit side, we added remote deposit capture to our free business checking product so we can more efficiently serve businesses anywhere in our market areas. As a Preferred Lender Partner with the SBA, we will be better equipped to provide financial assistance to the businesses in our communities.”
For more information about SBA-backed loan programs offered through Timberline Bank, call Mell Taets at 683-5571.
For more information about Timberline Bank, log on to www.timberlinebank.com.