FUQUAY-VARINA, North Carolina (December 21, 2021) – Fidelity Bank is pleased to announce that the Small Business Administration (SBA) has approved the Bank’s request to become a Preferred Lender. Under the Preferred Lenders Program, the SBA gives select lenders more authority to process, close, service and liquidate SBA-guaranteed loans. This premier designation is for lenders with a proven track record of successfully analyzing, processing, closing, and servicing SBA-guaranteed loans. Other factors taken into consideration include performance, loan volume, and a clear knowledge of SBA policies and procedures.
“We are very excited that the SBA has designated Fidelity Bank as a Preferred Lender,” shared Kale Gaston, Fidelity Bank Director of Government Guaranteed Lending. “This will give our team the ability to streamline procedures necessary to provide financial assistance to the small business community. With the authority to make the final decision, we can save our customers a substantial amount of time in the lending process versus working with a nonpreferred lender which has to send loans to the SBA for approval – which can take many weeks,” said Gaston.
Earlier this year, Fidelity Bank announced the addition of its Guaranteed Government Lending division. This division was created in response to the Bank’s success in the handling of the Paycheck Protection Program. The Paycheck Protection Program, which was part of the CARES Act, provided economic relief to small businesses and other entities that were adversely impacted by the COVID-19 pandemic.
“A lot of the feedback we received last year about the Paycheck Protection Program was regarding how fast we were able to get the needed funds into the hands of our customers,” said Mary Willis, Fidelity Bank President and CEO. “Now with our new Government Guaranteed Lending division and Fidelity Bank becoming a Preferred Lender with the SBA, we can continue to provide our Right By You customer service while also giving our small business customers the funding they need even faster,” said Willis.
Fidelity Bank is a full-service financial institution with assets of approximately $3.6 billion headquartered in Fuquay-Varina, North Carolina. The Bank owns and operates 58 branches throughout North Carolina, Virginia, and South Carolina.