NewMil Bank Named ‘Preferred Lender’

NEW MILFORD — The US Small Business Administration (SBA) has designated NewMil Bank a “Preferred Lender,” authorizing the bank to guarantee qualifying small business loans without obtaining prior SBA credit approval.

NewMil received its preferred lender status recently, allowing it to approve its own SBA loans. As a result, if a borrower has the necessary documentation, a loan can be approved in an afternoon. The preferred lender program places a greater reliance on the SBA’s lending partners, who have demonstrated a commitment to small business lending, and who enjoy an excellent working relationship with local SBA offices.