FLEMINGTON, N.J. - Prestige Financial Corp., the holding company for Prestige State Bank, said the U.S. Small Business Administration has approved its request to act as an SBA preferred lender in Pennsylvania and New York territories overseen by SBA district offices in Philadelphia, Pittsburgh, Buffalo, and Syracuse.
Preferred lender status allows a bank to make SBA-guaranteed loans without first clearing them with the agency. Prestige State Bank has been a preferred lender in New Jersey since 1994.
The bank said it was New Jersey's leader in dollar volume of SBA loans for the agency's fiscal year ended Sept. 30, 1994, with $14.5 million of loans, representing 16.67% of the total volume produced by all banks statewide.
During the SBA's current fiscal year, Prestige said it continued to lead all New Jersey banks participating in the SBA loan program. As of June 15, the bank had approved 93 SBA loans totaling $15,378,500.