Banks are SBA’s Most Active 7(a) Lenders
For all the hits that some banks have received for scaling back their business lending efforts, they are the Small Business Administration’s most active 7(a) loan program lenders.
According to SBA data tracked between Oct. 1, 2010 and Dec. 31, 2010, Wells Fargo Bank was the most active 7(a) lender with 1,002 loans totaling nearly $477 million. JPMorgan Chase Bank and U.S. Bank N.A. were also among the top five lenders.
The SBA listed the top 100 7(a) lenders on the new “Lender Toolkit” section of its website. While credit unions did not make the cut, Newtek Small Business Finance Inc., was ranked 25th on the list. Since February 2003, Newtek Business Services Inc. has served credit unions as a strategic services provider with CUNA. Another cooperative, AgSouth Farm Credit ACA, also made the list, ranked at 97.