The Small Business Administration (SBA) Approves Freedom Bank for the Preferred Lenders Program (PLP)

Rhea-AI Summary

Freedom Bank (OTCQX: FDVA) has been designated as a Preferred Lender by the Small Business Administration (SBA), enabling it to process most SBA-guaranteed loans without prior SBA review. This designation allows for a more efficient loan process, benefiting small businesses and entrepreneurs. President and CEO, Joe Thomas, highlighted the bank's commitment to serving clients in the DC Region while expanding nationwide. This strategic move aims to enhance service and product offerings, addressing funding needs in the business community.

Positive

• Designated as a Preferred Lender by the SBA, improving loan processing efficiency.
• Ability to offer a wider range of SBA products to clients and broker partners.
• Focus on assisting small businesses with timely capital access.

Negative

• None.

Freedom Bank's Small Business Lending Division Expands Capabilities as a Preferred SBA Lender

FAIRFAX, Va., Oct. 11, 2022 /PRNewswire/ -- The Freedom Bank of Virginia (OTCQX: FDVA) announced today that the Small Business Administration (SBA) approved the Bank for the Preferred Lenders Program (PLP). The SBA designates certain experienced lenders as PLP Lenders and delegates the authority to process, close, service, and liquidate most SBA-guaranteed loans without prior SBA review. Now as a PLP Lender, Freedom Bank is authorized to make SBA-guaranteed loans without prior SBA review of eligibility or creditworthiness allowing for a more seamless and timely loan process. 

"Freedom Bank's Small Business Lending Division has been working diligently since its inception to serve clients through government guaranteed loans including SBA 7(a) loans. Now as a PLP Lender we look forward to additional opportunities to assist small businesses and entrepreneurs with an even more seamless and efficient loan process. The Small Business Lending Division will remain focused on meeting the needs of the Bank's clients in the DC Region, as well as, originating new clients nationwide with our technology-forward platform and customer centric approach," said Joe Thomas, President and CEO.

Kevin Ferryman, Executive Vice President & Head of the Small Business Lending Division, added "We are thrilled with our new designation as a PLP lender which will allow us to offer an even greater level of service and wider range of SBA products to our clients and broker partners. Our team is committed to assisting the business community in obtaining the funding required to sustain and grow their companies. We are able to fill the void many small businesses and entrepreneurs are experiencing by delivering capital when they need it most."

About Freedom Bank

Freedom Bank (OTCQX: FDVA) is a next-generation community bank, headquartered in Fairfax, Virginia, offering commercial banking, personal banking, and mortgage banking solutions using banker expertise and innovative technology to build lead relationships with clients. Focusing on businesses, real estate owners, and professionals, Freedom Bank concentrates on key industry verticals to deliver unique, sector-specific solutions to help clients meet their goals and realize their dreams. Freedom Bank has sales office locations in Fairfax, Vienna, Reston, Manassas, and Chantilly, VA. The Freedom Bank Mortgage Division is headquartered in Chantilly, VA and the Freedom Bank Small Business Lending Division is headquartered in Harrison, NY. For information about Freedom Bank, visit our website at www.freedom.bank.

Contact:
Joseph J. Thomas
President & Chief Executive Officer
Phone: 703-667-4161
Email: jthomas@freedom.bank

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SOURCE The Freedom Bank of Virginia

FAQ

What does it mean for Freedom Bank to be a Preferred SBA Lender?

Being a Preferred SBA Lender means Freedom Bank can process most SBA-guaranteed loans without prior SBA review, streamlining the loan process.

How will Freedom Bank's new status as a PLP Lender impact its clients?

Clients can expect a more efficient loan process and access to a broader range of SBA products.

When was Freedom Bank designated as a Preferred Lender by the SBA?

Freedom Bank was designated as a Preferred Lender on October 11, 2022.

What is the stock symbol for Freedom Bank?

The stock symbol for Freedom Bank is FDVA.