LAKE HAVASU CITY, Ariz., May 1, 2008 (PRIME NEWSWIRE) -- Beginning February 16, 2008, State Bank Corp. (OTCBB:SBAZ), parent company to Mohave State Bank, is pleased to announce Mohave State Bank has received United States Small Business Administration (SBA) Preferred Lenders Program (PLP) designation. As a preferred lender, Mohave State Bank is able to provide government guaranteed funds to small businesses. The program has been successfully used to provide funds for purchasing property, equipment, inventory, or for working capital. Some of the advantages that SBA loans offer include:
* Fast application process * Longer financing terms * No balloon payments * Up to 85% of loan guaranteed by government * Flexible terms * Competitive interest rates
In order to be eligible for an SBA loan, the small business must be independently owned, operated for profit, and meet a certain size specification in terms of employees or annual sales receipts.
"By obtaining PLP designation, Mohave State Bank will be able to better serve our communities. As a community bank it is imperative that we support businesses in our trade area, and provide credit to customers. The SBA program will allow us to provide loan terms that are advantageous to business owners," states Adam Dauner, Assistant Vice President and Credit Department Manager.
Mohave State Bank is a full service bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals. Mohave State Bank was established in October 1991, in Lake Havasu City. Since then the Bank has opened a second branch in Lake Havasu City, in addition to branches in Kingman, Bullhead City, and Yuma, Arizona.