Country Bank, a $450-million community bank based in New York City, has appointed Tim Moffett, Vice President, to lead its expanding SBA loan platform. Moffett has worked in Country Bank’s lending area for six years. The appointment was spurred by the bank’s increased participation in the SBA loan programs.
“Country Bank has always participated in the SBA loan programs, mostly the 504 program,” commented Carolyn Murphy, Vice President of Marketing for Country Bank. “However, when President Obama signed the American Recovery and Reinvestment Act (ARRA) in 2009 that increased the loan guarantee for the SBA 7(a) program to 90%, Country Bank took a closer look at the program’s merits and is actively seeking more 7(a) loans in addition to 504 loans.”
Country Bank is primarily seeking owner-occupied loans secured by real estate, as the bank has traditionally been and continues to be a lender on income-producing and owner-occupied commercial real estate. Country Bank’s trade area is metropolitan New York, which consists of the five boroughs, southern New York, northern New Jersey and lower Connecticut. “With the increase in the SBA limits to $5 million expected to be permanently in place by December 2010, we are hoping to attract larger SBA loans as we move into 2011,” commented Moffett.
ValueXpress will be assisting Country Bank in the processing of its SBA loans. “The model for successful community banks is service,” commented Michael D. Sneden, Executive Vice President of ValueXpress. “We have been assisting Country Bank and its clients for a number of years and we will provide resources to ensure that Country Bank clients have a positive experience through the SBA process.”