MainStreet Bancshares, Inc., the parent company of MainStreet Bank, has designated MainStreet Bank as a preferred lender with the Small Business Administration (SBA), the company announced in a release.
MainStreet Bank’s designation as a preferred lender places it among SBA’s best lenders and empowers the bank with fully delegated lending authority. The bank is already an authorized SBA express lender. The preferred lender status is given only to banks with a proven track record of successfully processing and servicing SBA-guaranteed loans.
Advantages of our SBA preferred lender status include:
- A faster turnaround time;
- A proven track record;
- More flexible terms and conditions; and
- The ability to start a new business, buy an existing business, or purchase commercial real estate with as little as 10 percent down.
“We are excited to have preferred lender status with the SBA as it allows my team to better serve our clients,” Shanton Kittler, senior vice president and head of SBA lending, said in the release. “We have a great relationship with the SBA and this combination will provide great opportunities for our business community.”
MainStreet Bank is a $1.3 billion community bank headquartered in Fairfax, Va., with seven branches in Herndon, Fairfax, Fairfax City, McLean, Leesburg, Clarendon and Washington, D.C.