September 2, 2020
By: Caity Roach
Contributing Editor, C-Suite Wednesday
C-Suite Wednesday — 55% of Lenders Report an Increase in Demand for 7(a) Loans
According to the latest polls conducted during the Coleman Report Live daily show, over 55% of SBA lenders say the demand for 7(a) loans is currently increasing and 31% say that the demand has remained the same despite the ongoing coronavirus pandemic.
Here are some of the other industry trends from this week’s polls:
- 23% of participating SBA lenders expect 7(a) premiums to increase in calendar year 2020. Slightly less (20%) anticipate a decrease in premiums and a majority (58%) expect them to remain the same.
- Only 14% of those polled said demand for SBA 7(a) loans is decreasing in their footprint.
- Demand for SBA 504 loans has skyrocketed during the pandemic. 78% of SBA lenders said that they have seen an increase in demand and only 5% have seen a decrease in demand.
- 32% of lenders are helping borrowers take advantage of the increased maximum dollar amount for SBA Express loans, with 3% of lenders reporting that the majority of their SBA express loans have been over $350,000.
- 3 out of 5 lenders are still working from home. However, 24% are allowed to return to the office in a limited capacity.
- 63% of lending institutions are aiding employees who work from home by providing office supplies and 54% reimburse their employees for work-related cell phone charges.
- Although only 22% of lending institutions are offering IT services for employees who are working from home, an overwhelming majority of lenders (88%) feel that they have adequate IT support from home.
To receive the latest industry updates, please join the free Coleman Report Live daily show at 1:00 PM Eastern.