OSB Awarded SBA Preferred Lender Designation

The U.S. Small Business Administration recently awarded Preferred Lender Program (PLP) Designation to Oostburg State Bank, giving the bank the authority to process, close service and liquidate most SBA guaranteed loans without prior SBA review.

“It’s kind of a big deal for us,” said Paul Kuplic, Vice President-Business Banking. “It’s a nice feather in our cap.”

Under its 7(a) Loan Guarantee program, the SBA provides an incentive for banks to provide loans for small, unestablished businesses by providing lenders with an increased guaranty against default – basically acting as a co-signer.

Before PLP designation, Kuplic said loan approval would sometimes take up to two weeks, but now could take less than a day.

“It really benefits the small business customer,” Kuplic said. “It shows that Oostburg State Bank really is an independent, community bank that is there for them when they need it. Giving then the resources to help them grow.”

Over the last couple of years, Oostburg State Bank has been increasing its offerings to support local businesses large and small and exponentially increased the number of SBA loans made available to local establishments.

For more information about business banking at Oostburg State Bank, visit oostburgbank.com/business or call 920-564-2336.