SBA to Recognize Top Small Business Lenders
SBA to Recognize Top Small Business Lenders for Orange, Riverside, and San Bernardino Counties at Small Business Week Luncheon
SANTA ANA – The Santa Ana District Office of the U.S. Small Business Administration is pleased to announce the selection of four lenders to receive awards for their contributions to the success of the SBA loan program in the counties of Orange, Riverside, and San Bernardino. These lenders will be honored for meeting the credit needs of their small business borrowers at the local 48th Annual Small Business Week Awards Celebration being held on June 2nd. The criteria for each award vary, but all of the awards are based on an analysis of the loans provided by these lending institutions during the period of October 1, 2009, through April 30, 2011.
The Top 7(a) Lender Award is bestowed upon the lending institution with the highest dollar volume of 7(a) loans in a given period of time.The Top 7(a) Lender is Wells Fargo Bank, with 244 loans for a total of $94,945,900 in SBA-backed financing.
The Top CDC Lender Award is awarded to the top producing Certified Development Company (CDC). Certified Development Companies are non-profit entities approved by SBA to administer loans through the 504 program, which are used for financing fixed assets such as commercial real estate and machinery with a life span of more than ten years. The Top CDC Lender is CDC Small Business Finance Corp.,which provided 247 loans for a total of $162,401,000 in SBA-backed financing.
The Top Santa Ana District Lender Award goes to the highest dollar volume SBA lender headquartered in the Santa Ana District. This year’s award will go to Pacific Enterprise Bank, which produced 79 loans for a total of $55,847,700 in government guaranteed financing for small businesses.
The Underserved Market Lender Award goes to the top producing lender for underserved markets. SBA defines “underserved markets” as those who have traditionally had difficulty accessing capital through conventional or other channels. For the purpose of this award, SBA staff considered lending activity to start-ups as well as participation in loan programs tailored to meet the needs of veterans and low to moderate income communities. Borrego Springs Bankwill receive the Underserved Market Lender Award, which provided 64 loans for a total of $8,789,900.
SBA loan programs are intended to give small businesses flexible financing alternatives when other financing is not available on reasonable terms which ensure that small business owners have access to the capital that is needed to start and grow.
For more information on SBA’s lending programs, please visit www.sba.gov.
For more information about our local small business week celeberation or to register, please visithttp://48thannualsbwawards.eventbrite.com/.