Cornerstone Community Bank Named Wisconsin SBA Lender of the Year, Again!!!

Cornerstone Community Bank was named the Wisconsin Small Business Administration (SBA) Lender of the Year for banks between $101 million and $350 million in asset size. After receiving Preferred Lender Status (PLP) from the United States Small Business Administration in February of 2004, the bank has helped numerous small business owners, resulting in receiving this type of award for the fifth consecutive year.

“We are very proud of our commercial lending team for this award,” said Bank President Paul Foy. “The SBA PLP status has really enhanced our ability to finance small businesses that have had trouble obtaining the necessary capital to grow their businesses during this period of tightening by financial institutions. The SBA PLP designation has allowed us to serve these businesses in the same expedited fashion we handle our non-SBA credits.”

According to the SBA, institutions that receive “Preferred Lender” status are nominated based on their lending record with the SBA. Banks must demonstrate a proficiency in processing and servicing SBA-guaranteed loans—they are chosen from among the SBA’s best lenders. Under the PLP, the SBA delegates loan approval, closing, and most servicing authority to these carefully selected lenders. “What this means to our small business loan customers is faster, more personal service. Local decision makers approve all loans “in-house,” so things like character and history can be considered. For small businesses where timing is critical, this is a huge benefit,” explained Foy.

The SBA program in particular is in high demand at this time due to the tightening of credit standards at many banks and recent changes made to the program, which benefit both the borrower and the lender. Under the government stimulus bill signed into law in February 2009, borrowers are seeing fees either substantially reduced or in many case eliminated and banks are being protected with higher guarantee percentages from the government.

“We are proud of our achievement as an SBA Preferred Lender and volume leader, and look forward to continuing our strong partnership with the small business clients we serve in Ozaukee, Washington, Milwaukee and Waukesha counties. As a local community bank specializing in the small business segment, Cornerstone Community Bank is well positioned to work closely with local businesses to maximize the opportunities available to them,” stated Foy.

Cornerstone Community Bank is an independent, family owned and operated bank with assets of $124 million. Cornerstone operates three full service offices in Grafton, Menomonee Falls and Fox Point.