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).
MainStreet 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.
Advantages of our SBA Preferred Lender status include:
- Faster 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."
MainStreet 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.
MainStreet 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.
MainStreet 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.
MainStreet has a robust line of business and professional lending products, including government contracting lines of credit, commercial lines and term loans, residential and commercial construction and commercial real estate. From sophisticated cash management to enhanced mobile banking and instant-issue Debit Cards, MainStreet Bank is always looking for ways to improve its customer experience.
MainStreet Bank was the first community bank in the Washington, DC metropolitan area to offer a full online business banking solution. MainStreet Bank was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that provides multi-million-dollar FDIC insurance. Further information on the Bank can be obtained by visiting its website at mstreetbank.com.
This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions are intended to identify such forward-looking statements. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel.
Contact: Brian Baker
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SOURCE MainStreet Bancshares, Inc.