The Small Business Administration granted "preferred lender" status to Glendale Federal Bank for loans made in Los Angeles, Ventura, and Santa Barbara counties.
This designation allows Glendale Federal to approve SBA-guaranteed loans without waiting for the government agency to review the loans.
The SBA transferred the preferred lender status to Glendale Federal from small-business specialist Transworld Bank, which Glendale acquired last year.
Glendale Federal has been recruiting SBA lenders and loan processors and plans to reduce the amount of time needed to approve a SBA loan.
"The timing is perfect as it coincides with our statewide recruitment of experienced SBA lending officers and the expansion of our existing lending programs for small business," said Terry Hess, executive vice president and director of business banking.