The $1.7 billion HarborOne Credit Union is the latest to become an SBA preferred lender enabling faster loan turnarounds and approvals.
According to the SBA's preferred lenders program, participants must show a strong track record of the agency's loan procedures and policies. The SBA said PLP loans are generally approved within a three-day time frame. The agency's preferred status also allows HarborOne loan approval, closing, most servicing and liquidation authority.
The Brockton, Mass.-based HarborOne serves more than 153,000 members and launched its business lending and services division in 2006.