MONTEREY, Calif., Jan. 5, 2012 (GLOBE NEWSWIRE) -- 1st Capital Bank (OTCBB:FISB) announced that it is recognized as a "Preferred Lender" by the U.S. Small Business Administration. This recognition as a preferred lender of the SBA allows 1st Capital Bank to document and process an SBA loan request on behalf of the SBA, streamlining the time when a business receives their funding.
"This is a result of hard work and the Bank's commitment to provide local businesses with the funding needed to grow their business," noted Michael Jennings, vice president, 1st Capital Bank. "We consider SBA lending as a core business for the Bank. The SBA application process is streamlined which allows us to qualify a potential borrower, complete the documentation and fund the loan within a relatively short time period," concluded Jennings.
During the SBA Fiscal period of October 2, 2010 through September 30, 2011, 1st Capital Bank achieved the second highest SBA loan volume among all lenders in Monterey County. "1st Capital Bank received the Preferred Lending Program (PLP) status based on their excellent record with SBA, and the Bank's demonstrated proficiency in their documentation, processing and servicing of SBA guaranteed loans," stated SBA District Director, Carlos Mendoza. "As a preferred lender, the SBA delegates the final credit decision and servicing to a carefully selected group of lenders and we're proud to provide this distinction to 1st Capital Bank."