Locality Bank Earns Small Business Administration’s Prestigious Designation in Preferred Lender Program

Fort Lauderdale, FL (January 8, 2024)– Locality Bank received membership approval to the Small Business Administration’s (SBA) Preferred Lender Program. This designation is given to a select number of lenders nationwide, allowing them to make credit and lending decisions on behalf of the SBA.

With this designation, Locality Bank now has the delegated authority to approve SBA loan credit decisions without prior SBA review. This status not only streamlines the loan process but also accelerates the approval, closing, and funding phases. By reducing bureaucratic hurdles, it ensures small businesses have quicker access to capital, a critical factor in their growth and success. 

“Small businesses account for 99.9% of businesses nationwide; we’re here to support them with the resources they need to continue to thrive,” said Director of SBA Operations, Ana Ihrig. “We’re honored to have been designated as an SBA preferred lender, one of only two banks headquartered in Broward County to earn the designation.” 

Locality Bank also received SBA Express and SBA Export Express authority, which allows the bank to provide SBA guaranteed working capital lines of credit under the SBA’s Express Program, which has less stringent eligibility, documentation, and monitoring requirements than other SBA programs. Additionally, Locality Bank is now a member of the SBA’s Lender Match Program, which pairs potential business clients with SBA Preferred Lenders. Earning these designations and participating in the Lender Match program further strengthens Locality Banks’s commitment to empowering local business owners and prioritizing flexible, streamlined banking options for all its clients. 

As a leader in the fintech industry, Locality Bank features a technology-centric platform that meets clients on the go, allowing them to easily manage their finances wherever they are, in addition to visiting the bank’s recently opened headquarters located at 1400 South Andrews Avenue, Fort Lauderdale. In its first year, Locality Bank managed over $167 million in assets. 

To stay up to date on Locality Bank’s growth, accomplishments, and services, please visit their LinkedIn page at linkedin.com/company/locality-bank/.

About Locality Bank

Locality Bank is a digital-first community bank based in Fort Lauderdale, Florida. The bank serves local businesses with the traditional services of a community bank as well as user-friendly, cutting-edge innovation and technology. To learn more, contact Locality Bank by calling (954) 799-0900, visiting www.localitybank.com or via email at info@localitybank.com. You can also follow Locality Bank on Facebook, X, LinkedIn, Instagram, and YouTube.