Chelsea Groton Bank Designated Small Business Administration 'Preferred Lender'

Groton, CT – Chelsea Groton Bank was recently named a Preferred Lender Program (PLP) by the Small Business Administration (SBA). This designation allows Chelsea Groton Bank to decide unilaterally on SBA participation in eligible loans. The PLP is part of SBA’s effort to streamline the procedures necessary to provide financial assistance to the small business community.
 
“The SBA is very pleased to recognize Chelsea Groton Bank as our newest PLP lender in Connecticut,” said Bob Nelson, Acting Connecticut District Director. “This step is a win-win for the Bank and its customers. In granting this delegated status, SBA has the confidence in the Bank to effectively utilize the SBA programs and it will allow the Bank to respond quickly to customer requests. Congratulations to the lending team on this accomplishment!”
 
The SBA delegates the final credit decision and most servicing and liquidation authority to carefully selected PLP lenders.
 
“Earning this designation is a testament to the hard work of the Chelsea Groton Bank lending team,” said Tony Joyce, Senior Vice President, Commercial Lending Manager at Chelsea Groton Bank. “Because of our team’s tireless efforts and our ability to consistently deliver above and beyond for businesses of all sizes, our future business customers will be able to benefit from a more streamlined loan application process.”
 
Lenders are considered for PLP status based on their record with the SBA, and must have demonstrated a proficiency in processing and servicing SBA-guaranteed loans.
 
Caption for photo (attached): Representatives from the U.S. Small Business Administration (SBA) presented a Preferred Lender Program plaque to the Chelsea Groton Bank lending team. From L to R: Tanisha Velasquez, Administrative Officer, SBA; Tony Joyce, SVP, Commercial Lending Manager, Chelsea Groton Bank; Michael Rauh, President and CEO, Chelsea Groton Bank;  William Tierney, Lender Relations Specialist, SBA; Robert Nelson, Acting District Director, Connecticut District Office, SBA; and Rich Cascio, EVP, Senior Loan Officer, Chelsea Groton Bank.

About Chelsea Groton Bank
Based in Groton, CT, Chelsea Groton Bank is a mutually owned bank with 14 locations throughout New London County and a Loan Production Office in Hartford County. The Bank has over $989 million in assets and serves businesses, individuals and families throughout Connecticut and Rhode Island. To learn more, please visit chelseagroton.com. Member FDIC. Equal Housing Lender.