In effort to speed up the granting of state guaranteed loans to small and minority businesses, the Maryland Small Business Development Financing Authority has designated four banks as preferred lenders.
The banks selected are Harbor Bank of Maryland, First National Bank of Maryland, Signet Bank/Maryland and Maryland National Bank.
The financing authority is part of the Department of Economic and Employment Development.
The banks will complete the loan applications and all necessary documentation for the guaranteed loans, then submit them to the financing authority.
The traditional method, which requires the business to get the application from the financing authority, takes longer, said DEED spokesman Curt Matthews.