Members of the $1.7 billion HarborOne Credit Union will have faster loan processing and approvals now that the cooperative is an SBA preferred lender.
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 days. 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.