SBA Designates Atlantic Stewardship Bank as a Preferred Lender

NEWARK, NJ—The U.S. Small Business Administration (SBA) has designated Atlantic Stewardship Bank of Midland Park as a Preferred Lender under the agency’s Guarantee Loan Program, it was announced today.

In making the announcement, SBA New Jersey District Director, Al Titone said, “We are pleased to designate Atlantic Stewardship Bank as a participating lender in SBA’s Preferred Lenders Program (PLP). This status is given to SBA’s most active and expert lenders and provides them with full authority to approve SBA loans. This authority now allows Atlantic Stewardship Bank to reduce their processing time on all SBA loans.”

According to Titone, the Preferred Lenders Program is part of SBA’s ongoing effort to streamline the procedures necessary to provide financial assistance to the small business community. Under this program, SBA delegates the final credit decision and most servicing and liquidation authority and responsibility to carefully selected PLP lenders.

Paul Van Ostenbridge, President & CEO of Atlantic Stewardship Bank, stated, “We are very excited to obtain the PLP status and to be an integral part of SBA’s role in helping small business owners in New Jersey. For some time, we have been investing our time and efforts in developing our seasoned SBA Lending Department to the level fully capable of handling all types of SBA programs to the small business owners in New Jersey. Our goal is to become a top producer of SBA loans in New Jersey and we look forward to working with the SBA for many years to come.”

“When the SBA looks to designate a PLP lender it considers whether the lender has the required ability to process, close, service and liquidate loans; has the ability to develop and analyze complete loan packages; and has a satisfactory performance history with SBA,” said Titone. “Our decision making on whether a lender becomes an SBA Preferred Lender is based on whether they can meet these criteria.”

Preferred Lenders are subject to periodic examinations of their portfolio by SBA personnel to ensure they are meeting the agency’s lending requirements. A lender’s preferred status is renewed every two years. The addition of Atlantic Stewardship Bank into the program increases the number of SBA Preferred Lenders in New Jersey to over 90.

Atlantic Stewardship Bank has 12 branches in Bergen, Morris and Passaic Counties with assets of $800 million. During SBA’s fiscal year 2018, the bank approved 10 SBA loans for a total of $6.6 million. In the first two months of fiscal year 2019 the bank has approved 2 loans for $1.3 million.

“If we are going to build on last year’s record $905 million in SBA loans that went to New Jersey small business owners, then the Preferred Lenders Program and lenders like Atlantic Stewardship Bank will have to play a significant role in increasing SBA loan activity throughout the state,” added Titone.

###

About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.