Touting SBA’s FY23 numbers, the Biden Administration invited its lending partners to the White House to recognize their achievements and to encourage them to do more for providing capital to underserved markets. Lenders attending the event included small business lending professionals  “Last year, the SBA provided $50 billion in capital to small businesses nationwide, partnering…

Fresno-based Cen Cal Business Finance Group and Bakersfield-based Mid State Development will merge. This follows Cen Cal’s merger with Santa Maria-based Central Coast in November. As of Dec. 1, 2023, Mid State had a total of 191 loans for $71.3 million, and Cen Cal had a total of 336 loans for $160.7 million.  All employees…

The underlying SBA 7(a) loans securing the unguaranteed participation interest have an average principal balance of $991,639 and an average remaining term of 296 months.  All of the loans are monthly pay, with an adjustable interest rate based on the Prime Rate. Most of the pool consists of 25-year, fully-amortizing loans.  The obligors have a…

Stats from the 16th Annual Secondary Market Summit provided by SBA. The largest cohort of loans sold earned a premium of 110 to 111. Check out the complete range of premiums paid by the secondary market. More stats to come!

RANK Lender # Loans $ Amount Average Loan Size 1 TD Bank, National Association (DE) 722 $96,887,400 $134,193 2 Live Oak Banking Company (NC) 41 $62,856,900 $1,533,095 3 Meridian Bank (PA) 47 $50,156,000 $1,067,149 4 FinWise Bank (UT) 22 $38,025,000 $1,728,409 5 Newtek Small Business Finance, Inc. (NY) 57 $37,243,800 $653,400 6 Wilmington Savings Fund…

By Bob ColemanColeman Report SBA has changed its policy that the lender MUST obtain a lease to match the loan term. The new wording does not require this length of a lease.  Lenders no longer need to obtain this documentation. The exception is unless the loan proceeds are “substantially” used for leasehold improvements and equipment…