SBA Lenders See Big Growth in ‘7(a)’ Program

ByLipsky

The U.S. Small Business Administration has honored lenders for notable growth in facilitating financing for business owners.
In particular, three lenders have been recognized for dramatically increasing their performances within the SBA’s primary vehicle, the 7(a) Loan Program.
The 7(a) program helps start-up and existing small businesses obtain financing when they might not be eligible for loans through normal lending channels.
The “Large 7(a) Loan Lender of the Year” is Key Bank National Association of Cleveland, Ohio, cited for a surge of almost 31 percent in the number of SBA-backed loans.
Key Bank boasted a more than 90 percent increase in SBA gross dollars approved in fiscal year 2011.
The “Small 7(a) Lender of the Year” award was a tie between Open Bank of Los Angeles, Calif. and Premier Commercial Bank of Anaheim, Calif.
In fiscal year 2011, Open Bank became one of the most active SBA lenders in the region and produced more than $84 million in SBA-guaranteed loans. This compares to $1 million in such loans in 2009.
Premier Commercial Bank also showed impressive growth, with a 186.36 percent surge in the number of SBA loans made in 2011 compared to 2010.  Its share of loans to underserved markets grew by 288.83 percent.
Read more on the SBA’s loan programs.

john lipsky

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