CBL Is State's 'Most Active' SBA Lender
LANSING — Capitol Bancorp Limited, a $4.7 billion national community bank development company, was the most active small business lender in Michigan under the U.S. Small Business Administration’s Preferred Lender Program in fiscal 2007. Capitol Bancorp originated 71 loans, or 22 percent more than any other PLP lender in the state, and ranked 48 in the country out of more than 2,000 participated lenders.
“This significant milestone for Capitol Bancorp reinforces our commitment to small business lending not only in Michigan but throughout the country,” said Capitol Bancorp Chairman and CEO Joseph D. Reid.
As a preferred lender, Capitol Bancorp’s 13 Michigan Banks, four of which are located in West Michigan, have approval from the SBA to review and process SBA 7(a) loans quickly and without prior SBA consideration, thereby reducing approval time.
“Capitol Bancorp’s community banks have a very strong relationship with small businesses throughout Michigan,” said Steve Pricco, the company’s director of government guaranteed lending, who established the PLP program three years ago. “Whereas non-PLP banks take upwards of six weeks on average to process SBA 7(a) loans, our banks average one in two weeks.”
Capitol Bancorp limited has a network of 56 separately chartered banks and bank operation in 16 states. It holds the most individual bank charters in the country. WX