One of the hardest things about building a successful business start-up is finding the funding necessary to get the project off the ground. There are many new ways for would-be business owners to establish financing, but loans via the Small Business Administration (SBA) are still a popular avenue for qualified borrowers. Since the SBA offers guarantees to banks that insure them against loss, it typically is not hard to find a bank that makes SBA loans. The top five banks making the most SBA loans now are Wells Fargo, JPMorgan Chase, Live Oak Banking Company, The Huntington and U.S. Bank. For more on this continue reading the following article from Blue MauMau.
Some of America’s largest banks are among the ten most active lenders of Small Business Administration backed loans. According to the SBA, this is each bank’s gross approval amount of SBA 7(a) loans in fiscal year 2012 as of January 27, 2012.
The 7(a) loan program is the Small Business Administration’s loan program that guarantees banks against loss so that they will make loans to a small business.
Gross Approval $
Wells Fargo, National Assn
JPMorgan Chase Bank
Claim up to $26,000 per W2 Employee
Live Oak Banking Company
The Huntington Ntl Bank
U.S. Bank Ntl Assn
KeyBank Ntl Assn
TD Bank Ntl Assn
CIT, which emerged from bankruptcy proceedings in 2010, is ranked #23 by volume of 7(a) loans. It has 16 loan disbursements. Banco Popular, a major lender that last year was wrapped on the knuckles by the SBA for participating in franchise liar loans, is now not found in the top 100.
This article was republished with permission from Blue MauMau.