SALT LAKE CITY - Mountain American has received a Preferred Lender status by the Small Business Administration, the highest license issued to lending institutions by the SBA. To obtain this license, lenders must illustrate expertise in SBA rules and regulations, as well as be able to demonstrate a good volume of SBA loans. The $1 billion credit union applied for the "preferred lender" status after only eight months in to its first year of SBA lending. Mountain America completed its first fiscal year in the top 100 SBA lenders in the U.S. by loan number. It was the number one SBA lender in Utah in October. The SBA performs compliance audits every one to two years to assure that lenders in this category are still deserving of the Preferred Lender status.
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From the November-12, 2003 issue of Credit Union Times Magazine • Subscribe!
Mountain America CU Granted SBA Top Lending Status
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