11.21.09: ValueXpress Partners with Mississippi Bank to Originate SBA Loans

ValueXpress has entered into a partnership with a community bank located in Mississippi to co-originate SBA 7(a) loans and SBA 504 loans. “We are aggressively seeking SBA 7(a) and 504 loans in Mississippi, Alabama and Louisiana to satisfy the origination goals for this relationship,” said Michael Sneden Executive Vice President of ValueXpress. “We already co-originate SBA loans with a New York-based community bank, Country Bank, and we are now expanding our partnerships to other community banks across the country. We have extraordinary knowledge and origination/underwriting capacity in addition to a strong credit mantra as it relates to SBA 504 and SBA 7(a) loan origination, underwriting and closing,” Sneden continued. “We act as the back office and knowledge center for our partner banks. We originate the loans within their territory, underwrite them, get them approved by the SBA, and in the case of the SBA 7(a) program, arrange for the sale of the guaranteed portion of the loan at the highest price from our network of buyers. Our partners gain bottom-line premium income and ongoing servicing fees without the fixed costs of staffing up and learning the ropes,” Sneden said. ValueXpress is in discussions with two additional banks in the Southeast to create similar partnerships to co-originate SBA 504 and 7(a) loans. These partnerships are expected to bolster ValueXpress’ existing nationwide platform for origination of SBA 7(a) and 504 loan originations.