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New Jersey Financial Planning Newsroom |
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The Bank Becomes EDA Preferred Lender; Program is Designed to Speed Flow of Capital to Growing State Businesses
TRENTON, N.J. - The Bank has become the latest financial institution to become a New Jersey Economic Development Authority (EDA) Preferred Lender. The program is designed to streamline the EDA’s loan-approval process and speed the flow of capital to growing businesses in the state.
"We are pleased to welcome The Bank to our Preferred Lender Program and eager to work with The Bank to ensure that qualified New Jersey businesses have ready access to the capital they need for fixed assets like buildings and equipment, working capital for operating expenses, and refinancing higher cost debt," said EDA Chief Executive Officer Caren S. Franzini.
The Preferred Lender Program has become an attractive choice for the EDA’s more active banking partners and borrowers because it features a three-day turnaround time for loan approval, Franzini said. The program applies to transactions in which the EDA buys a participation in bank financing and/or guarantees a portion of a bank loan.
"We are proud that the EDA has named The Bank a Preferred Lender. Our bank blends the best of both worlds – the local decision-making and personal relationships found in a community bank and the strength and world-class product offering of a larger bank," said Scott Kintzing, chief executive officer of The Bank.
"Our bank is known for its flexibility and expertise in meeting the unique needs of each customer, and we look forward to working with even moreNew Jersey businesses through the Preferred Lender Program."
For the rest of this article please visit www.state.nj.us.
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