Everett-headquartered Mountain Pacific Bank has been designated as an SBA Preferred Lender by the U.S. Small Business Administration.
Under the program, high-volume SBA lenders such as Mountain Pacific Bank are delegated loan approval as well as closing and most servicing and liquidation authority, enabling them to make loan decisions more rapidly.
To earn the status, lenders must establish a successful track record and display a thorough understanding of SBA lending policies and procedures.
The bank will be able to offer small business customers the full range of Small Business Administration loan products as well as a faster and streamlined loan approval process, said Mark Duffy, president and CEO, in a statement.
Mountain Pacific operates branches in Everett, Lynnwood and Ballard.
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