HomeStar Bank named SBA preferred lender
CHICAGO -- HomeStar Bank and its Small Business Lending Division have been named a preferred lender by the U.S. Small Business Administration.
The designation, in recognition of the track record HomeStar Bank has established in under two years, allows the bank to process, close and service most SBA-guaranteed loans without prior SBA review. Business clients can secure loans quickly and efficiently through banks and financial institutions with the Preferred Lenders Program designation.
""In a relatively short period of time we've been able to help entrepreneurs and small businesses, including women-owned and minority-owned businesses, grow and expand." said Gabe Beukinga, President of HomeStar Bank's SBA Lending Division. "With this designation, we expect to be able to help more businesses achieve their goals more quickly and efficiently."
The SBA 7a program provides small businesses with loans up to $5 million. Loans are available for most business purposes, such as to purchase commercial real estate, equipment, inventory as well as refinances. Maturities are up to 25 years for commercial mortgages and up to 10 years for all other purposes.
HomeStar Bank has an SBA lending facility in Chicago, as well as bank locations in the South suburbs.