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Preferred Bank

Preferred Bank offers comprehensive SBA lending solutions tailored to small and medium-sized businesses seeking financial growth and stability. With a focus on the 7A program, it provides flexible financing options for various business needs, including working capital, equipment purchases, and real estate acquisitions. The bank’s experienced team guides clients through the application process, ensuring a smooth experience from start to finish. Located in Los Angeles, it serves a diverse client base across multiple industries, leveraging its strong banking expertise and local market knowledge. The bank’s commitment to personalized service and competitive rates makes it a trusted partner for business owners looking to expand or strengthen their operations.

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Lender Type

Commercial Bank

Google Rating

3.8

Google Review Count

Question 1

What is this place and what can I find here?

Answer 1

This is a financial institution offering SBA loan programs, including the 7A program, to help small businesses access capital for growth and operational needs. You can find personalized assistance and flexible financing options tailored to your business goals.

Question 2

Do I need an appointment or can I walk in?

Answer 2

It"s recommended to schedule an appointment to ensure dedicated time with a loan specialist, but walk-ins may be accommodated depending on availability. Contact the branch in advance for the best experience.

Question 3

What are the hours of operation?

Answer 3

The branch operates Monday through Friday from 9:00 AM to 5:00 PM. Hours may vary on holidays or special occasions, so it"s best to call ahead.

Question 4

Is there a fee to use this?

Answer 4

There are no fees to visit the branch, but loan processing and application fees may apply depending on the financing options selected. These fees are discussed during the application process.

Question 5

Who is this open to — anyone, or only residents/members?

Answer 5

This branch primarily serves small and medium-sized businesses in the Los Angeles area. Business owners must meet specific eligibility criteria for SBA loans but do not need to be residents or members of the bank.

Question 6

What minimum personal credit score does this bank look for in a guarantor?

Answer 6

A minimum personal credit score of 640 is typically required, though higher scores may improve approval chances and loan terms.

Question 7

How long does the traditional underwriting process take from start to close?

Answer 7

The underwriting process usually takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation.

Preferred Bank

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