Coleman Report Update
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 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 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…
Read MoreArkansas SBA 7(a) Lender Ranking for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 First Financial Bank (AR) 27 $35,579,800 $1,317,770 2 First Service Bank (AR) 21 $18,685,800 $889,800 3 Live Oak Banking Company (NC) 6 $13,790,800 $2,298,467 4 Arvest Bank (AR) 43 $12,216,000 $284,093 5 Arkansas Capital Corporation (AR) 25 $11,870,700 $474,828 6 Readycap Lending, LLC (NJ) 5…
Read MoreSBA Grants 143 Community Advantage Lenders SBLC License
What is the Community Advantage Loan Program? Maximum Loan is $350,000 Guaranty — 85% for loans up to $150,000, 75% for loans greater than $150,000, and 90% for International Trade loans Who can be a CA lender? The following types of organizations are eligible to become CA lenders: Lender portfolio requirements Lenders in the CA…
Read MoreSBA 5010 7.1 Effective November 15, 2023
Download a PDF Copy of the SOP 5010 7.1 here Summary of Changes SECTION A: CORE REQUIREMENTS FOR ALL 7(A) AND 504 LOANS The chapters listed below have received updated titles. Chapter 1: Primary Applicant Eligibility Requirements Validated by SBA’s Risk Mitigation Framework Chapter 2: Credit Not Available Elsewhere, Special Transaction Structures, & Other Primary…
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