Full-service bank OMB was recently designated a Preferred Lender by the U.S. Small Business Administration. The new status grants OMB’s commercial lending team the authority to make final credit decisions on SBA-guaranteed loans, shortening loan processing times considerably.
To be considered a Preferred Lender, a financial institution must demonstrate a history of efficiently and accurately servicing SBA loans while also meeting the SBA’s processing volume, performance, risk mitigation and policy knowledge criteria.
“OMB is proud and excited to now be a Preferred Lender with the SBA,” said Joey Orr, executive vice president and community bank president. “We are passionate about what we do and welcome the opportunity to help local small businesses and entrepreneurs secure the funding they need much faster than before. In my opinion, there is no better place to apply for an SBA loan than with a community bank like OMB.”
Traditionally, the entire SBA loan process - from application to approval and funding - can take anywhere from 30 to 90 days. SBA Preferred Lenders are able to decision and fund 7(a) loans, the SBA’s most popular loan program, much quicker than non-preferred lenders, who must submit loans to the SBA for approval.
For the SBA’s fiscal year 2023, OMB administered more than $7.5 million in SBA loans and was named an RMI Elite 504 Silver Lender for 2022.
LATEST NEWS
OMB Bank Makes Executive Level Changes
Joey Orr and Steve Bishop assume new roles to help manage OMB's strategic growth and expansion efforts.
Trio of Banking Veterans Join OMB
Seth Lindsey, Cramer Hass and former state of Missouri finance commissioner Lee Keith set to lead local growth initiatives for Springfield, Mo.-based community bank.
Jacob Fox Named Branch Manager in Springfield
With nearly a decade of experience, Fox takes over retail leadership at West Sunshine branch.
MONEY TIPS
7 Strategies for Paying Off Debt
Paying off debt is a journey that requires discipline, patience and a solid plan. Whether you prefer old school budgeting methods or more modern solutions for quick wins, there’s a strategy that will work for your specific situation. Here are seven of the best to help you become debt-free.
Weather Financial Storms by Preparing for Emergencies
Life can be unpredictable, and it’s not a question of if a financial storm will hit, but when. Whether it’s a sudden job loss, medical emergency, vehicle repair or another unexpected expense, having a financial plan in place will make a significant difference in how well your wallet weathers these situations.
Strategies to Help Protect Your Assets Against Inflation
Gain the upper hand on inflation by learning how to protect your assets using reliable strategies and long-term financial planning from OMB Bank's CEO.