OptimumBank Achieves SBA Preferred Lender Status

Rhea-AI Summary

OptimumBank (NYSE American: OPHC) has achieved Preferred Lender status under the U.S. Small Business Administration (SBA) Preferred Lenders Program (PLP), the highest recognition for SBA lenders. This designation enables OptimumBank to make final credit decisions on behalf of the SBA, significantly accelerating the loan approval process.

The bank can now offer SBA 7(a) loans up to $5 million with competitive rates for various business needs, including working capital, equipment purchases, and commercial real estate. As a Preferred Lender, OptimumBank gains autonomy to approve, close, service, and liquidate SBA-guaranteed loans, streamlining the process for business owners seeking capital.

Positive

• Obtained highest SBA lender recognition, enabling autonomous loan decisions
• Can now process SBA loans faster with streamlined approval process
• Authorized to offer SBA 7(a) loans up to $5 million
• Expanded lending capabilities may lead to increased revenue opportunities

Negative

• None.

Fort Lauderdale, Florida--(Newsfile Corp. - February 18, 2025) - OptimumBank (NYSE American: OPHC) proudly announces that it has been designated as a Preferred Lender under the U.S. Small Business Administration (SBA) Preferred Lenders Program (PLP). This prestigious designation, the highest recognition an SBA lender can receive, streamlines the SBA loan approval process for OptimumBank, allowing the Bank to better serve small businesses across Florida and beyond.

Under the Preferred Lenders Program, OptimumBank is now authorized to make final credit decisions on behalf of the SBA. This significantly accelerates the loan approval timeline and enhances the Bank's ability to provide flexible financing solutions to small business owners. SBA 7(a) loans, which can be used for working capital, equipment purchases, commercial real estate, and other business needs, are available in amounts up to $5 million with favorable terms and competitive interest rates.

"Achieving Preferred Lender status is a significant milestone for OptimumBank. This designation demonstrates our deep commitment to helping small businesses grow and thrive," said Tim Terry, CEO of OptimumBank. "With this enhanced capability, we can expedite the financing process, enabling entrepreneurs to seize opportunities quickly and achieve their goals."

As a community-focused financial institution, OptimumBank understands that every small business has unique financial needs. "Everyone deserves access to financing that is right for their business. Our Preferred Lender status opens up more opportunities for us to meet borrowers where they are and provide financing solutions that truly fit their circumstances," said Moishe Gubin, Chairman of the Board of OptimumBank. "This achievement reflects our ongoing commitment to empowering business owners with the right tools to succeed."

Chris Tomlinson, Senior Vice President and SBA Director at OptimumBank, added, "Our SBA lending team is dedicated to understanding each client's individual goals and crafting lending solutions that align with their vision. The Preferred Lender status gives us the autonomy to approve SBA loans more efficiently, ensuring that small businesses can access the funding they need without unnecessary delays."

The SBA Preferred Lenders Program is designed for high-volume, experienced SBA lenders that have demonstrated a proven track record of success. It grants participating banks the authority to approve, close, service, and liquidate SBA-guaranteed loans, streamlining the process for business owners seeking capital.

For more information about OptimumBank's SBA lending solutions or to apply for an SBA loan, please contact Chris Tomlinson at CTomlinson@optimumbank.com or visit www.optimumbank.com.

About OptimumBank Holdings, Inc.

OptimumBank was founded in 2000 in Ft. Lauderdale, Florida. Our customers found a bank that is strongly service oriented with reasonable fees, unseen at larger financial institutions. OptimumBank has seen explosive growth this decade, and we look to capitalize on our momentum in the coming months and years ahead.

OptimumBank's business and financial solutions include: Business Banking, Business Lending, SBA Lending Solutions, Treasury Management, and Personal Banking.

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. To learn more, visit www.sba.gov.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241206

FAQ

What does OptimumBank's (OPHC) SBA Preferred Lender status mean for borrowers?

The status allows OptimumBank to make final credit decisions on SBA loans, significantly speeding up the approval process for borrowers and providing faster access to funding.

What is the maximum SBA loan amount OPHC can now offer?

OptimumBank can offer SBA 7(a) loans up to $5 million with competitive interest rates.

What types of business financing can OPHC now provide through SBA loans?

OptimumBank can provide financing for working capital, equipment purchases, commercial real estate, and other business needs through SBA 7(a) loans.

How does OptimumBank's (OPHC) new SBA status improve their lending process?

The Preferred Lender status grants OptimumBank authority to approve, close, service, and liquidate SBA-guaranteed loans independently, making the lending process more efficient.