Merchants & Marine Bank Receives Preferred Lender Status from the Small Business Administration (SBA)

Rhea-AI Summary

Merchants & Marine Bank, a subsidiary of Merchants & Marine Bancorp (OTCQX: MNMB), has been granted Preferred Lender Program (PLP) authority by the U.S. Small Business Administration (SBA). This status allows Voyager Lending, a division of Merchants & Marine Bank, to approve most SBA loans in-house, significantly expediting the approval process.

The PLP status enables the bank to make local decisions and streamline the lending process while still adhering to all SBA 7(a) Loan Program requirements. This development is expected to result in faster turnaround times and a more responsive experience for business clients seeking SBA loans. The agreement between Merchants & Marine Bank and the SBA was made on April 17, 2024.

Positive

• Granted Preferred Lender Program (PLP) authority by the SBA
• Ability to approve most SBA loans in-house
• Expedited loan approval process
• Local decision-making capability for SBA loans
• Potential for faster turnaround times on loan applications

Negative

• None.

PASCAGOULA, Miss.--(BUSINESS WIRE)-- Merchants & Marine Bank, a subsidiary of Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), announced today that it was granted Preferred Lender Program (PLP) authority by the U.S. Small Business Administration (SBA).

“The PLP authority granted by the SBA enables Voyager Lending, a division of Merchants & Marine Bank, to approve most SBA loans in-house, expediting the approval process by eliminating the need for a separate SBA review,” explains Matthew McElveen, President of Voyager Lending, the Government Guaranteed Lending division of Merchants & Marine Bank. “While adhering to all SBA 7(a) Loan Program requirements for originating, closing, servicing, and liquidation, our PLP status empowers us to make local decisions and streamline the lending process for our clients. This translates to faster turnaround times and a more responsive experience for your business.”

The agreement was made on April 17, 2024, between Merchants & Marine Bank and the U.S. Small Business Administration.

ABOUT VOYAGER LENDING:

Voyager Lending is a division of Merchants & Marine Bank and is comprised of dedicated SBA lending professionals who work directly with small business owners across the nation, with a primary focus in the Southeast. Backed by a state-charted Mississippi bank with more than 100 years of experience, Voyager Lending provides accessible government guaranteed loans to ensure small businesses continue to thrive. For more information about Voyager Lending, please visit www.voyagerlending.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240715807351/en/

Casey Hill, CFO, Merchants & Marine Bancorp, Inc.

(228) 934-1307

Casey.Hill@mandmbank.com

Source: Merchants & Marine Bank

FAQ

What is the significance of Merchants & Marine Bank receiving Preferred Lender status from the SBA?

The Preferred Lender status allows Merchants & Marine Bank to approve most SBA loans in-house, expediting the approval process and providing faster turnaround times for business clients seeking SBA loans.

When did Merchants & Marine Bank (MNMB) receive the Preferred Lender Program authority?

Merchants & Marine Bank received the Preferred Lender Program (PLP) authority from the SBA on April 17, 2024.

How will the Preferred Lender status benefit customers of Merchants & Marine Bank (MNMB)?

Customers will benefit from a streamlined lending process, faster turnaround times, and a more responsive experience when applying for SBA loans through Merchants & Marine Bank.

What division of Merchants & Marine Bank (MNMB) will handle the SBA loans under the new Preferred Lender status?

Voyager Lending, a division of Merchants & Marine Bank, will handle the SBA loans under the new Preferred Lender status.