Sherwin Patidar is executive vice president of SBA lending at Merchants Bank of Indiana, based in the Chicago regional office. He is a founding member of First Colorado National Bank and has more than 15 years of experience specializing in SBA lending. In his current role, his responsibilities include generating new SBA 7(a), SBA 504 and USDA loans in accordance with bank guidelines. He also develops and implements business plans and marketing strategies to aid in identifying areas of opportunity for new business penetration.
As economic conditions tighten, SBA lending has an important role. The SBA is taking steps to help more small businesses: 1) It has proposed to expand its lending authority for the 7(a) program to $35 billion. 2) It also seeks to expand its lending authority for the 504 program to $9.5 billion. 3) Many upfront loan fees are being eliminated or reduced. 4) Loan programs for veteran-owned businesses are being enhanced. 5) Programs that focus on mission-based organizations and lenders that prioritize underserved communities are being extended.
A new year brings a plethora of opportunities for small businesses around the country. Now what a business does with their opportunities is up to them – but with the U.S. Small Business Administration (SBA) team at Merchants Bank of Indiana, small businesses can receive much-needed and much-deserved assistance.
Merchants Bank of Indiana (NASDAQ:MBIN) announces today that its Small Business Administration (SBA) Division has secured an acquisition loan for Chicago-based, small business Char Crust by Elisabeth Settimi, a Chicago businesswoman. The loan was closed in just 45 days after receiving the full underwriting package, even amidst the COVID-19.
Our Preferred Lenders Program designation is key, permitting us to make the turnaround time for loan relief quick, whether it be for a small business or large commercial company and for whatever the need.