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Marlborough – St. Mary’s Credit Union (SMCU) has been named a Small Business Administration (SBA) Preferred Lender. The announcement was made recently during a meeting at the credit union’s Marlborough headquarters.
As a Preferred Lender, SMCU can now offer small businesses the full range of SBA loan products through a streamlined, faster loan approval process. Nabil M. Farooq, St. Mary’s senior vice president of commercial lending, credited his team for their efforts leading to this designation.
“We are now in an even stronger position to support small businesses and provide the capital that is necessary for these businesses to expand and grow,” Farooq said.
To earn the Preferred Lender status, financial institutions must demonstrate a successful track record and display a thorough understanding of SBA lending policies and procedures, Robert Nelson, SBA district director stated.
“We are excited to have St. Mary’s Credit Union as our newest [Preferred Lender Program] lender here in the commonwealth and note that the credit union has demonstrated both a solid understanding of SBA’s loan programs and a commitment to the small business community,” he said. “Credit unions have become increasingly important in helping small businesses to access capital to start and grow and we applaud the efforts of the team at St. Mary’s Credit Union.”
St. Mary’s Credit Union is a nearly $700 million financial institution serving Middlesex and Worcester counties.