DELEGATED AUTHORITY - PREFERRED LENDER PROGRAM
a. PLP Application
SBA’s Preferred Lenders Program (PLP status) opens funding opportunities for your financial institution with a full delegation of lending authority. When considering requesting PLP status, Kresser, Corona & Associates has the ability to assist you in submitting the application. One of the important factors about the application process is that your financial institution must demonstrate a high proficiency in processing and servicing SBA-guaranteed loans and a thorough understanding of SBA lending policies and procedures.
Kresser, Corona & Associates can assist in requesting your SBA field office to consider your institution for Preferred Lender Program Authority (PLP status) and will follow up on any inquiries and communication with the SBA on your behalf until your Delegated Authority is approved.
b. PLP Renewal
SBA performs a Delegated Authority Renewal Review prior to the time that your financial institution’s delegated status expiration date. Delegated Authority Renewal Reviews generally occur every two years and, in some instances, more frequently. A Delegated Authority Renewal Review may result in the granting or denial of continued delegated authorities.
Retaining your Preferred Lenders Program (PLP status) is very important as it is a very desired accreditation for your financial institution to maintain. It is important to realize that not all lenders are approved to receive this lending designation and losing it could be detrimental to your SBA lending program.
If your PLP renewal is not processed on time and guardedly it could result on a PLP revocation. Kresser, Corona & Associates can assist in processing your PLP Renewal. Our firm has assisted many lenders over the years and has a proven track record of successfully processing the PLP Renewal. Our Firm can assist you if you have received a PLP revocation determination.