John Brocato, Sr. Vice President announced the successful closing of another USDA B&I loan, as well as two other major USDA loans that have been recently approved.

Central Progressive Bank recently closed a USDA loan for $2,670,000 on a new Reception & Entertainment complex located in Mandeville, LA. The new complex will generate an estimated 20 new jobs and cater to family functions such as weddings, large indoor Kids Play Center, church functions, and concert venues.

The bank and the USDA have also approved a $9,900,000 Senior Living Center located in Southeast LA and also a $9,900,000 Medical Building located in Louisiana. John Brocato believes that teaming up with the USDA on such projects is an excellent way for a small community bank to increase its loan production and decrease its credit risk. The USDA helps our bank get involved in larger projects that we believe tends to have more sophiscated and experienced borrowers, as well as borrowers with stronger personal net worth and liquidity. The bank believes that with the new funding that the USDA is receiving this year that the bank is already considering more USDA loans and plans to expand its marketing efforts in Southeast LA and the Mississippi Gulf coast.

John Brocato
Sr. Vice President
Business & Government Lending
Secondary Market
Central Progressive Bank
B: (958)-626-4488
Jbrocato@cpb.com