Thursday, October 19th, 2017

First Federal receives SBA's lending approval

Posted: Thursday, April 17, 2014

The U.S. Small Business Administration announced that First Federal Savings Bank, headquartered in Huntington, was approved as a Preferred Lender under its Preferred Lender Program (PLP). Small businesses throughout Indiana will be able to receive quicker answers on applications for Small Business Administration (SBA) loan assistance when submitting loans with First Federal Savings Bank. The designation as a PLP Lender allows First Federal Savings Bank special authorization to internally underwrite and approve SBA business loans.

PLP status is a special lending designation granted by the SBA and is only granted to its most capable lenders. “The SBA Indiana District Office congratulates First Federal Savings Bank for becoming certified under the SBA Preferred Lender Program,” said Gail Gesell, SBA Indiana District Director. “SBA Preferred Lenders have additional decision-making authority for SBA guaranteed loans that facilitates faster loan processing and enhances the bank’s relationship with the small business borrower.”

“We are pleased to have received this designation from the Small Business Administration,” said First Federal Savings Bank president and CEO, Michael Zahn. “Our partnership with the SBA gives our commercial customers additional options when it comes to their banking needs. I commend our staff for their efforts which has allowed us to achieve this preferred status.” As of March 31, 2014, First Federal Savings bank was the 3rd highest SBA 7(a) lender, in terms of dollar volume, in Indiana according to the SBA Indiana District Office.

First Federal is a full service financial institution with $270 million in assets, serving 6 locations in Indiana. Learn more about First Federal Savings Bank at www.firstfedindiana.com. For additional information on obtaining a SBA loan through First Federal Savings Bank, please contact Tom Mills, senior vice president commercial lending officer at (260) 358-4680 or Joe Cavacini, vice president commercial lending and business development at (260) 436-2100 or visit the bank’s website at www.firstfedindiana.com.