News from CRF

January 15, 2014

CRF approved to be a Preferred Lender by the U.S. Small Business Administration

MINNEAPOLIS - January 15, 2014 - Community Reinvestment Fund, USA (CRF), a Minneapolis-based national nonprofit and Community Development Financial Institution (CDFI), announced today that it is now an approved Small Business Administration (SBA) 7(a) Preferred Lender under the SBA Preferred Lenders Program (PLP).

Under PLP, SBA delegates the final credit decision and most servicing and liquidation authority and responsibility to carefully selected PLP lenders. This designation is given to lenders that, based on their record with SBA, have demonstrated a proficiency in processing and servicing SBA-guaranteed loans.

"As one of the top 100 SBA 7(a) lenders in the country, we believe that this important tool will help us further our mission of delivering financing to under-served small business owners and job creators in low- income communities," said Frank Altman, CRF President and CEO. "This is an integral piece of our ongoing commitment to provide a first-class customer experience for our partners and borrowers, and we expect it to eliminate 30 calendar days from the process."

CRF's mission is to improve the lives of disadvantaged people and strengthen distressed communities through innovative finance. One of only 2 national non-profit, non-bank SBA 7(a) lenders, CRF is dedicated to creating positive impact in America's under-served communities by helping small businesses access the financing they need to grow and create jobs. www.crfusa.com

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Posted by: CRFUSA

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