Advice
Running a small business is a mix of excitement, opportunity, and—let’s be honest—challenges. One of the biggest? Securing the right financing. That’s where the SBA Preferred Lender Program (PLP) comes in. It cuts through red tape, making it easier and faster for small businesses to access funding. And when you work with a preferred SBA lender like us, you’re getting more than just a loan—you’re gaining a financial partner. For 12 years straight, we’ve earned the SBA Community Bank Gold Level Award, helping businesses like yours thrive.
What is the SBA Preferred Lender Program (PLP)?
You probably already know a bit about the Small Business Administration (SBA). They’re the government agency dedicated to helping small businesses succeed. They offer training, counseling, and, most importantly, loan guarantees. Why? Because small businesses drive the economy, and the SBA wants to make sure they can access the capital they need to grow.
In 2024, the SBA funded a staggering 103,000 small businesses—the highest number in 16 years. While that’s great news for entrepreneurs, it also means more competition for funding and an even longer wait as applications pile up. The reality? SBA loans come with extensive paperwork, detailed reviews, and a process that can feel like it drags on forever—time you don’t have when an opportunity is on the line.
That’s where the SBA Preferred Lender Program (PLP) comes in. Instead of waiting for the SBA to approve every loan, preferred lenders like us have the authority to approve SBA-backed loans directly. This speeds up the process, cutting down on wait times and paperwork. Not every bank gets this privilege. The SBA only grants it to lenders with a strong track record of expertise, stability, and success.
With this status, we can process various SBA loan types, including the SBA 7(a) loan, a flexible financing option that covers everything from working capital to equipment purchases to real estate investments.
Why Work with a Preferred SBA Lender?
Not all lenders are created equal. Choosing a preferred SBA lender—especially one with our experience—means you’ll benefit in several ways:
- Faster Loan Processing – Since we don’t need to wait for SBA approval, we can move things along quickly. That means less waiting and more doing.
- Expert Guidance – We know SBA loans inside and out. Our team can walk you through the process, helping you avoid common pitfalls.
- Less Paperwork, More Efficiency – Nobody likes red tape. Our PLP status means fewer delays, making it easier for you to secure the funding you need.
- A Personalized Approach – Small businesses aren’t one-size-fits-all, and neither are their financing needs. We take the time to understand your business and tailor solutions that fit.
Why Choose 1st Source Bank?
We’re more than just a lender—we’re a partner in your success. Our SBA preferred lender status means we can offer a variety of loan options to meet your needs, including:
- SBA 7(a) Loans – Ideal for working capital, equipment purchases, and real estate investments.
- SBA 504 Loans – Designed for purchasing fixed assets like real estate and machinery.
- Commercial Real Estate Loans & Business Lines of Credit – Flexible financing options to support growth.
Recognition from the SBA isn’t just about numbers—it’s about trust. We’ve built a reputation for high loan volume, low default rates, and a commitment to supporting businesses at every stage. Our goal? Helping you secure the funding you need to take your business further.
The Bottom Line
The SBA Preferred Lender Program (PLP) is a game-changer for small businesses. It streamlines the financing process, making it faster and easier to get approved. And when you partner with 1st Source Bank, you get more than just a loan—you get a team that’s dedicated to your success.
Looking for an SBA loan? Let’s talk. With our expertise and commitment, we’ll help you navigate the process and secure the funding you need to grow your business.