You won’t see this headline splashed on the news and magazines, but it’s true. In the fourth quarter of 2009 SBA 7(a) lending was up 100% from the fourth quarter of 2008. Although we are comparing this to a time when the economy appeared to have the floor drop out from under it, it’s still something to celebrate.
We can make numbers look anyway we want. Politicians are the best at manipulating. They love to twist the numbers to provide the data they want to back up their claims. We could have changed the headline from “Small Business Lending up 100%,” to “Small Business Lending down 300% from 2005 levels.” I like 100% better.
The SBA 7(a) loan programs include the community express loans and micro loans in addition to other loan programs for larger businesses. Of the top 10 lenders in the 7(a) programs the average loan size was $462,409. One of the top 10 SBA 7(a) lenders average loan size was $158,366 (Zions Bank in Salt Lake City, UT).
If you are looking for a small business loan in 2010 a great avenue is the 7(a) loan program. However, I would encourage you to make sure you go to a bank that is doing some substantial lending with these programs first. Learn more about Buddy loans at www.buddyloans.com .
Here is the latest data for the top lenders from the fourth quarter of 2009:
1. Wells Fargo Bank, Minneapolis, MN
2. Excel National Bank, Beverly Hills, CA
3. Live Oak Bank, Wilmington, NC
4. JPM Organ Chase Bank, New York, NY
5. U.S. Bank, Minneapolis, MN
6. Compass Bank, Birmingham, AL
7. First Financial Bank, El Dorado, AR
8. Huntington National Bank, Columbus, OH
9. Main Street Lender, Chevy Chase, MD
10. PNC Bank, Pittsburgh, PA
11. Zions Bank, Salt Lake City, UT
Excel National Bank had a 298% increase in loans while Main Street Lender had a 197% increase.
If you have any experience with applying for a SBA loan or have a local bank that you know offers the SBA 7(a) loans, please provide information in the comments for everyone....