First Bank and Trust of Providence, R.I., Becomes a Certified Lender.(Originated from The Providence Journal-Bulletin, R.I.)

PROVIDENCE, R.I.--Feb. 6--First Bank and Trust Company, of Providence, has been awarded "certified lender" status by the U.S. Small Business Administration. As a result, the bank is now guaranteed authorization of its small business loans by the SBA within three days.

The bank was granted membership into the SBA's Certified Lenders Program because of its growing volume of SBA-guaranteed loans and the high quality of the bank's credit analysis, said Mark S. Hayward, of the SBA.

Certified lenders are in the second tier of the SBA's three-tiered lending program. The highest tier, "preferred lenders," can make loans directly to small businesses with only minimal involvement of the SBA.

First Bank and Trust made its first loan as a certified lender to JP & Sons Liquor, on Union Avenue, Providence.

The bank, which is a subsidiary of First Financial Corp., is one of several community banks that have been designated by the SBA as certified lenders. The others include Bank of Newport, Domestic Loan & Investment Bank and Washington Trust Co.

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