Meet the Industry’s 3 New SBLCs — McKinley Alaska Growth, Arkansas Capital, Funding Circle
Expanding the number of SBLC licenses to 17, SBA has chosen the three with mission-driven underserved market niches — Native American, Rural and Low-Income communities. (A Small Business Lending Company License allows a non-depository lender to fund SBA 7(a) loans nationwide.) McKinley Alaska Growth Capital, is an Alaska-based BIDCO and Native CDFI that has provided…
Read MoreCompleting the Offer in Compromise 8 Tab Form
An Offer in Compromise (OIC) is an offer made by a borrower to pay part of what is owed on an SBA loan in exchange for the SBA considering the debt as satisfied or settled. A borrower first has to submit their own OIC to the lender or CDC. Once the lender or CDC agrees…
Read MoreUnderstanding SBA Error Codes in E-Tran Loan Authorization Applications
All 7(a) and 504 lenders will digitally submit E-Tran loan authorization application requests to SBA to screen for eligibility. From there, SBA determines whether the applicant is eligible by requiring the applicant to certify certain eligibility requirements and validate those certifications through a digital, real-time regulatory compliance framework. When a discrepancy that affects eligibility is…
Read MoreDelaware SBA 7(a) Lender Rankings for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Wilmington Savings Fund Society, FSB (DE) 14 $12,794,000 $913,857 2 Manufacturers and Traders Trust Company (NY) 49 $9,743,000 $198,837 3 Hanover Community Bank (NY) 1 $5,000,000 $5,000,000 4 Firstrust Savings Bank (PA) 2 $4,800,000 $2,400,000 5 Fulton Bank, National Association (PA) 4 $4,387,500 $1,096,875 6…
Read MoreWashington DC SBA 7(a) Lender Rankings for 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Manufacturers and Traders Trust Company (NY) 32 $8,310,000 $259,688 2 Truist Bank (NC) 1 $4,646,200 $4,646,200 3 Newtek Small Business Finance, Inc. (NY) 4 $4,160,000 $1,040,000 4 First Financial Bank (AR) 1 $4,000,000 $4,000,000 5 Industrial Bank (DC) 3 $3,650,000 $1,216,667 6 Berkshire Bank (MA)…
Read MoreColeman’s SBA 7(a) Servicing/Liquidation Update
Essential Information to Safeguard the SBA 7(a) Loan Guaranty; Includes a Semi-Monthly Report & Monthly Zoom Call Coleman’s SBA 7(a) Servicing & Liquidation Report is the only industry report for SBA servicing and liquidation professionals. Our goal? To increase your knowledge to allow you to prudently manage your SBA 7(a) loan portfolio, minimize loan losses…
Read MoreTexas Court Pauses CFPB Small Business Data Collection Rule
Implementation of the CFPB Small Business Lending Rule has been stopped by a Texas Federal District Court. The CFPB wants lenders to collect data about small business loan applicants and borrowers similar to consumer mortgage loans — specifically race and geographic area. To ensure lenders are not engaging in discriminating lending practices. Reports National Law…
Read MoreConnecticut SBA 7(a) Lender Ranking for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Webster Bank National Association (CT) 117 $45,010,800 $384,708 2 Live Oak Banking Company (NC) 17 $32,047,000 $1,885,118 3 Celtic Bank Corporation (UT) 14 $19,260,000 $1,375,714 4 Manufacturers and Traders Trust Company (NY) 126 $18,114,000 $143,762 5 Berkshire Bank (MA) 13 $14,531,000 $1,117,769 6 TD Bank,…
Read MoreColorado SBA 7(a) Lenders Ranking for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 58 $93,750,500 $1,616,388 2 The Huntington National Bank (OH) 227 $54,302,600 $239,219 3 Hanmi Bank (CA) 37 $33,107,000 $894,784 4 CrossFirst Bank (KS) 29 $33,006,500 $1,138,155 5 Midwest Regional Bank (MO) 15 $32,386,000 $2,159,067 6 Wells Fargo Bank, National Association…
Read MoreUnited Community Bank Ranks as a Top 25 SBA 7(a) Lender in FY23
With more than $177 million in loans for fiscal year 2023, South Carolina headquartered United Community is one of SBA’s largest lenders. “Small companies generate 1.5 million jobs a year and account for nearly 65% of new jobs in America,” says Rich Bradshaw, President and Chief Banking Officer for United. “Entrepreneurs are vital to our…
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