Wells Fargo, Bank of the West and US Bank National are the top Colorado lenders for SBA-backed loans.
The Small Business Administration Colorado district office on Tuesday named the top performing lenders, based on the total SBA 7(a) loan approvals and dollar value for the first nine months of FY 2012.
In Colorado, the top three banks for loan approval value are: Wells Fargo, 158 loans for $51.0 million; Bank of the West, 22 loans for $18.48 million; and U.S. Bank National, 76 loans for $14.75 million.
Across the state, there have been 760 total SBA 7(a) loans approved for $269.7 million.
“Over the last couple of years SBA has worked with lenders on identifying new ways to provide access to capital to small businesses across Colorado,” said Greg Lopez, SBA Colorado district director. “In our quest to ensure that capital is more easily obtainable for the small business owner, we have also simplified the paperwork associated with acquiring an SBA guaranteed loan.”
Since January 2011, SBA approved guaranteed loans at a steadily growing pre-recession pace, in dollar terms. This has continued in each of the first three quarters of FY 2012.
Each quarter has produced more loans and more dollars loaned than the previous quarter. In the quarter just completed, SBA averaged 1,120 loan approvals and more than $450 million per week nationally.
“Small businesses are the lifeblood of our local economy and create most of Colorado’s net new jobs each year,” said Nathan Christian, Wells Fargo’s regional president for Colorado. “We’re committed to doing all we can to enable local businesses to thrive, and we know that credit plays an essential role. SBA loans are one important way we meet our customers’ credit needs and we’re proud to make more SBA loans and lend more dollars than any other financial provider in the state.”