The U.S. Small Business Administration (SBA) Preferred Lenders Program (PLP) is designed to provide trusted banks with the highest level of approval authority and tools needed to empower businesses in their community. Westfield Bank is proud to be an SBA Preferred Lender, which provides small businesses in the communities we serve access to funds and a streamlined application to speed up the process.
Basic 7(a) Loans
As the SBA’s most common loan, the 7(a) loan provides financial help to small businesses with owner-occupied commercial real estate. Use these funds for expansion or renovation, to purchase new equipment, or as working capital.
Gives borrowers an expedited application review process, allowing small businesses quicker access to funds.
An SBA 504 loan is an excellent option for for-profit businesses looking to promote business growth and job creation through. Use these funds for the purchase or construction of existing buildings or land, new facilities, or long-term machinery equipment.