WASHINGTON -- Six banks and two small business finance corporations were recently named the top 7(a) and 504 lenders by the Small Business Administration for their efforts in helping small businesses with their financing needs.
Los Angeles-based Nara Bank received the Large 7(a) Loan Lender of the Year award and Scottsdale, Ariz.-based First National Bank of Arizona received the Small 7(a) Lender of the Year award. The award was split into two categories: large lender for those with an SBA loan portfolio of more than $100 million and small lender for less than that total.
Mountain West Small Business Finance, in Salt Lake City, was named the Large 504 Lender of the Year and Taunton, Mass.-based South Eastern Economic Development. Corp. was named the Small 504 Lender of the Year.
A new category of lender awards was added this year to recognize financial institutions that have excelled in their lending to inner city businesses. The Inner City Leadership Award for largest loan volume to inner city businesses went to Wells Fargo of Minneapolis.
Pacific City Bank of Los Angeles, won the Inner City Leadership Award for highest percentage of inner city loans to SBA portfolio.