Texas SBA 7(a) Lender Rankings for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 121 $207,203,900 $1,712,429 2 Wallis Bank (TX) 80 $138,772,200 $1,734,653 3 The Huntington National Bank (OH) 388 $99,083,000 $255,369 4 Newtek Small Business Finance, Inc. (NY) 121 $81,986,100 $677,571 5 Readycap Lending, LLC (NJ) 108 $76,724,800 $710,415 6 First Internet…
Read MoreHouse Small Business Committee Wants SBA to Collect COVID Loans Less than $100k
Says Chair Roger Williams, “The COVID-19 pandemic broke the SBA. The agency failed to detect upwards of $200 billion in potential fraud in their lending programs and now has decided to end active collections on loans of $100,000 or less. “The SBA should be treating these taxpayer-funded loans the same way as any business owner…
Read MoreFraud Friday – PPP & EIDL Fraudster Used Proceeds to Purchase a Restaurant in Egypt
October 20, 2023 Delaney SextonContributing Editor Fraud Friday – PPP & EIDL Fraudster Used Proceeds to Purchase a Restaurant in Egypt Ahmed Sary pleaded guilty to conspiracy to commit wire fraud affecting financial institutions after submitting almost $18 million in PPP and EIDL applications. If the Court accepts the plea agreement, Sary will be sentenced…
Read MoreThe New SBA 504 Loan Refinance Rules
On October 12, 2023, the Federal Register revealed that SBA is making changes that were created in the interim final rule published on July 29, 2021, permanent. This modifies requirements for refinancing debt in the 504 loan program. It is important to review both the new, permanent changes and the existing rules for the program.…
Read MoreNEW SOP 50 10 7.1 to be announced on Tuesday’s (10/24) 7(a) Connect Quarterly Update
Join the SBA this coming Tuesday, Oct. 24th at 3:00 Eastern for a 7(a) Connect Quarterly Update announcing the publication of SOP 50 10 7.1. Use this link to log into the call at 3:00 Eastern on Tuesday, October 24. SBA’s OCA Acting Associate Administrator, Katie Frost, will be kicking off the call. Katie and OFA’s…
Read MoreAlaska SBA 7(a) Lender Rankings for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Alaska Growth Capital BIDCO, Inc. (AK) 15 $15,304,100 $1,020,273 2 Northrim Bank (AK) 14 $11,321,000 $808,643 3 Readycap Lending, LLC (NJ) 2 $5,591,000 $2,795,500 4 KeyBank National Association (OH) 12 $5,244,700 $437,058 5 Newtek Small Business Finance, Inc. (NY) 7 $4,808,000 $686,857 6 Live Oak…
Read MoreSenate Votes to Overturn CFPB Small Business Loan Data Collection Bill — Congressional Record Remarks by Kennedy R-LA and Brown D-OH
Mr. KENNEDY. Mr. President, the Consumer Financial Protection Bureau—we call it the CFPB—has struck again. It has made another bad decision—this by an Agency that has become famous for bad decisions. Here is what is going on. You will remember the Dodd-Frank Act, of course, which this Congress passed after the financial meltdown in 2007,…
Read MoreNADCO 2023 Third Party Lender Awards
Bank Five NineCommunity Bank 504 Lender of the YearAwarded to the most active 504 bank partner with less than $10 billion in assets Zions BankRegional Bank 504 Lender Of The YearAwarded to the most active 504 bank partner with between $10 billion and $100 billion in assets First Citizens BankSuper Regional Bank 504 Lender Of…
Read MoreCalifornia SBA 7(a) Lenders FY 2023
RANK Lender # SBA 7(a) Loans Approved $ SBA 7(a) Loans Amount Approved Average Loan Size 1 Live Oak Banking Company (NC) 153 $221,482,600 $1,447,599 2 U.S. Bank, National Association (OH) 695 $193,969,500 $279,093 3 Newtek Small Business Finance, Inc. (NY) 190 $151,775,100 $798,816 4 Harvest Small Business Finance, LLC (CA) 118 $146,309,800 $1,239,914 5…
Read MoreNew Email and Processing Tips to Resolve Error 4363 for Existing SBA Loans
Many lenders and borrowers are complaining their SBA loan applications are lying in a black hole with Etran 4363 processing compliance codes errors.Most can be resolved with additional information. However, clearing error codes about existing SBA loans is problematic SBA is generally prohibited from sharing details about compliance issues on existing SBA loans directly with…
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