Arvest: SBA loan growth was 53% in 2010
by January 21, 2011 9:05 am 53 views
Arvest Bank has announced an increase in SBA loans of 53% at the end of its fiscal 2010, which ended Dec. 31, over fiscal 2009.
The U.S. Small Business Administration (SBA) saw lending for two of its largest programs rise nearly 30% nationwide in its fiscal 2010, which ended Sept. 30, the bank noted.
This increase provides a record $75 million in the bank’s SBA portfolio. The 2009 portfolio was $49 million. In addition, Arvest provided funding for more than $36 million in SBA loans in 2010, which far exceeded the national trend of increased SBA lending.
“Arvest is proud to be one of the state’s largest SBA lenders and this increase in our SBA loan portfolio is a strong indicator that we are here to help the communities in which we are located,” Jackie Randle, senior vice president and SBA loan administrator, said in a statement.
The SBA does not make direct loans to businesses, but acts as a guarantor on loans. Its mission is “to maintain and strengthen the nation’s economy by enabling the establishment and viability of small business and by assisting in the economic recovery of communities after disasters.”
Arvest Bank operates more than 230 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a network of 16 locally managed banks, each with its own board of directors and management. These banks operate in 90 communities with 12-hour weekday banking at most locations. Arvest operates a mortgage company, asset management company, insurance division and mortgage servicing company.