Business
MainStreet Bank Receives SBA Preferred Lender Status
FAIRFAX, Va., March 11, 2020 /PRNewswire/ -- MainStreet Bancshares, Inc., (Nasdaq: MNSB) parent company of MainStreet Bank announced that MainStreet Bank has
About this update from Mainstreet Bancshares, Inc.
[{"type":"text","content":"FAIRFAX, Va., March 11, 2020 /PRNewswire/ -- MainStreet Bancshares, Inc., (Nasdaq: MNSB) parent company of MainStreet Bank announced that MainStreet Bank has been designated as a Preferred Lender with the U.S. Small Business Administration (SBA).\n\n \n \n \n \n \n \n\n \nMainStreet Bank's designation as a preferred lender places us 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 only given to Banks with a proven track record of successfully processing and servicing SBA-guaranteed loans. Other factors that are taken into consideration include performance, loan volume, and a clear knowledge of SBA policies and procedures.\nAdvantages of our SBA Preferred Lender status include:\nFaster turnaround time, 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,\" said Shanton Kittler, Senior Vice President and head of SBA lending. \"We have a great relationship with the SBA and this combination will provide great opportunities for our business community.\" \nMainStreet Bank is a growing $1.3 billion community bank headquartered in Fairfax Virginia with seven branches in Herndon, Fairfax, Fairfax City, McLean, Leesburg, Clarendon and Washington, DC. The Bank works with the SBA to offer 7A and 504 lending solutions. \nMainStreet has 55,000 free ATMs and a fully integrated online and mobile banking solution. The Bank is not restricted by a conventional branching system, as it can offer business customers the ability to Put Our Bank in Your Office®. With robust and easy-to-use online business banking technology, MainStreet has \"put our bank\" in over 1,000 businesses in the metropolitan area.\nMainStreet has a full complement of payment system services for third party payment providers. MainStreet has a nationally known market leader and a highly experienced team ready to help payment providers create a solution perfect for their needs.\nMainStreet has a robust line of business and professional lending products, including government contracting lines of credit, commercial...