SUSQUEHANNA BANK GRANTED PREFERRED LENDER STATUS
Newest Partnership Reinforces Bank’s Commitment to the City of Camden
The Preferred Lender Program features a three-day turnaround time for loan approval and applies to transactions in which the EDA buys a participation in bank financing and/or guarantees a portion of a bank loan. It is designed to create new opportunities for EDA’s lending partners because it makes funds available at below-market interest rates with flexible terms for growing New Jersey businesses. Quick turnaround time from approval to closing provides a strong incentive for borrowers, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk.
The EDA is a state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing and incentives, access to technical support and real estate development assistance.