Promerica Bank Becomes a Preferred Lender within One Year of Opening
Los Angeles, CA--(HISPANIC PR WIRE - BUSINESS WIRE)--November 13, 2007--Promerica Bank (OTCBB:PMRA) was recently approved as a Preferred Lender by the Small Business Administration (SBA). Promerica Bank is the first Latino-owned bank to debut in downtown Los Angeles within the last 35 years and is a leading financial services provider for minority owned, small and mid-sized businesses. The Preferred Lenders Program (PLP) is another step in the SBA's process of "streamlining" procedures necessary to provide financial assistance to the small business community. Furthermore, to be accepted as a Preferred Lender, the applicants must demonstrate proficiency in processing and servicing SBA-guaranteed loans - a feat which Promerica Bank has clearly accomplished.
Promerica Bank Vice President and SBA Loan Manager Jose Juan Vega added, "The SBA granted Nationwide PLP designation to Promerica Bank as an expression of confidence in our Business lending team. This distinction will help us provide Small Businesses with the Capital they need in a timelier and expeditious manner. The PLP and our previously granted SBA Express designation will support us in our efforts to provide innovative products and services for today's entrepreneurs."
The Preferred Lender status assures faster processing and turnaround time for SBA loan applications, and gives this entrepreneur focused business bank the authority to obtain one-day turnaround loan guarantees from the SBA.
"This is a great accomplishment by Promerica Bank," explains Alberto Alvarado, District Director for SBA of Los Angeles. We believe this relative new entrant into SBA lending will prove itself a stalwart for the underserved business constituency. We applaud the institution's willingness to place valuable capital in the hands of small businesses, which heretofore have not had access to capital. Promerica Bank is a welcomed addition to the SBA lending community of Metropolitan Los Angeles. We look forward to many positive future contributions to the Agency's mission."
Upon hearing the good news, Founder and Chairwoman Maria Contreras-Sweet added, "I am delighted that the Small Business Administration has recognized the critical need in the community for a streamlined business lending office. By conferring upon Promerica Bank the Preferred Lender Status means the SBA recognizes not only the skills of our Business Lending team, but also the importance of the community we are serving. Our lending officers are highly experienced and motivated. Working with this team will allow our clients to shorten the business loan application process by weeks. Minority-owned, start-ups have a new ally in helping them to create jobs and build wealth for the community and their families."
About Promerica Bank
Promerica Bank (OTCBB:PMRA), a full service bank was formed to serve the Los Angeles business community and ultimately to be the leading financial services provider for Latino entrepreneurs. As the first Latino business bank to debut in downtown Los Angeles in the past 35 years, Promerica Bank is dedicated to building family wealth by empowering entrepreneurs with the requisite financial services and capital infusion for the success of their small to mid-size businesses. Promerica Bank also has a full-line of products and services including lines of credit for working capital, real estate, commercial & industrial for the non-profit community as well.
For more information about the SBA Preferred Lender Program or any Promerica Bank services, please contact Promerica Bank at 213/613-5000. Promerica Bank, a member of the FDIC, is located at 888 South Figueroa Street, Suite 100, Los Angeles, CA 90017.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by the act. These forward-looking statements refer to the Company's current expectations regarding future operating results, and growth in loans, deposits, and assets. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward looking statements. These risks and uncertainties include, but are not limited to (1) the impact of changes in interest rates, a decline in economic conditions, and increased competition by financial service providers on the Company's results of operation, (2) the Company's ability to continue its internal growth rate, (3) the Company's ability to build net interest spread, (4) the quality of the Company's earning assets, and (5) governmental regulations."
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