WaFd Bank receives SBA preferred lender designation

WaFd, Inc. (NASDAQ: WAFD) announced that its subsidiary Washington Federal Bank has been designated as a Preferred Lender with the U.S. Small Business Administration.

The SBA Preferred Lender Program grants select financial institutions increased authority to approve, close, and service SBA-guaranteed loans without requiring SBA approval for each transaction. This designation is reserved for lenders with a proven track record in SBA lending and demonstrated commitment to small business growth.

"Earning Preferred Lender status with the SBA means we can help in a more efficient way without waiting on the SBA to bless our approvals," said Scott Bossom, SBA Program Manager at WaFd Bank. "This designation allows us to serve our customers with faster turn times, helping them secure the resources they need to expand, hire, and strengthen our local economies."

The preferred lender status enables WaFd Bank to offer faster approvals for SBA-backed loans, streamlined application processes, and expanded access to SBA financing programs including 7(a) and 504 loans. The designation also allows the bank to provide access to capital without traditional collateral requirements.

"Small businesses are the backbone of our community, and we are proud to have this status as it's a reflection of our deep commitment to supporting small businesses and expands our ability to partner with them," said Brent Beardall, President and CEO of WaFd, Inc.

WaFd, Inc. is the parent company of Washington Federal Bank, which operates branches across nine states including Washington, Oregon, Idaho, Utah, Nevada, Arizona, Texas, New Mexico, and California. The bank was established in 1917 and provides consumer and commercial deposit accounts, business financing, and real estate lending services.

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