PORTLAND, OR-The Small Business Administration has assigned “Preferred Lender” status to the Portland office of Zions Small Business Finance, a Division of California Bank & Trust.
The designation means SBA 7(a) loan approvals can now be had in less than 36 hours. Proceeds from the 7(a) program may be used for business start-ups, expansions, equipment purchases, working capital, commercial inventory or real estate purchases. The loan program offers 25-year, fully amortized loans that result in lower monthly payments for the borrower.
According to published information from the SBA, CB&T ranked as California's third largest SBA 7(a) lender for fiscal year 2001, approving a total of 391 loans for approximately $57.4 million. Within the state's growing San Diego market, CB&T ranked as the number one SBA lender.
“We are pleased to have the opportunity to expand our programs into Oregon's diverse business community,” said Mike Mantle, executive vice president and head of CB&T's SBA lending group. “This is a natural extension of our successful programs in Arizona, California, Colorado, Idaho, Nevada, Utah, and Washington.”
America's 25 million small businesses employ more than 50 percent of the private workforce, generate more than half of the nation's gross domestic product, and are the principal source of new jobs in the U.S. economy. With a portfolio of business loans, loan guarantees and disaster loans worth more than $45 billion, in addition to a venture capital portfolio of $13 billion, the SBA is the nation's largest single financial backer of small businesses. Last year, the SBA offered management and technical assistance to more than one million small business owners.
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