UMB Financial Designated SBA Preferred Lender Program StatusKathy Hunter, UMB Bank, Senior Vice President of Small Business Ban
July 12 2006 - 11:53AM
Business Wire
UMB Financial Corporation (NASDAQ: UMBF) has been authorized by the
United States Small Business Administration (SBA) as an official
lender for the SBA Preferred Lender Program (PLP). Only the most
active and experienced lenders qualify for this SBA lending
program. "The SBA PLP designation allows us to streamline the
underwriting process and provide a favorable credit decision on
behalf of the SBA for long-term loans," said Kathy Hunter, UMB
senior vice president of Small Business Banking. "This PLP
accreditation strengthens the UMB position as a leader in
delivering financial support to small business and advancing our
lending powers." SBA PLP lenders are chosen from among the SBA's
best lenders and have full delegation of lending authority in most
situations including: purchase or expansion of owner-occupied
commercial real estate, business acquisition or expansion,
equipment/inventory purchase, refinance of debt to improve cash
flow or permanent working capital. The maximum loan amount for the
SBA PLP program is $2,000,000. "This designation by the SBA grants
UMB the power to enhance our commitment to this important business
segment," said Peter deSilva, UMB president and chief operating
officer. "By building on our portfolio of banking services and
providing experienced customer service, UMB is emerging as a viable
lending partner for small businesses." The key benefits of a SBA
PLP loan from UMB include: up to 90% loan-to-value, fully amortized
terms on real estate for up to 25 years and 10 years on equipment,
no balloon payments and flexible interest rate adjustment periods
for 1, 3 or 5 years. UMB Financial Corporation is a multi-bank
holding company headquartered in Kansas City, Mo., offering
complete banking and related financial services to both individual
and business customers nationwide. Its banking subsidiaries own and
operate 141 banking centers throughout Missouri, Illinois,
Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of
the holding company and the lead bank, UMB Bank, n.a., include an
investment services group based in Milwaukee, Wisconsin, a trust
management company in South Dakota, and single-purpose companies
that deal with brokerage services, consulting services and
insurance. UMB was named one of Business Week's "Web Smart 50"
companies in 2005.
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