SBA Loans Jump Nearly 30 %
The U.S. Small Business Administration () saw lending for two of its largest programs rise nearly 30 percent nationwide in its fiscal 2010, which ended Sept. 30. Likewise, Arvest Bank recently announced an increase in loans of 53 percent at the end of its fiscal 2010, which ended Dec. 31, over fiscal 2009.
This increase provides a record $75 million in the bank’s portfolio. Arvest provided funding for over $36 million in loans in 2010, which far exceeded the national trend of increased lending.
“Arvest is proud to be one of the state’s largest lenders,” says Jackie Randle, senior vice president and loan administrator.
The is a government agency that provides support to small businesses, such as education and preparedness to apply for loans through banks or financial institutions. The does not make direct loans to businesses, but acts as a guarantor on loans.
Arvest attributes much of the loan growth to the bank’s availability of local lenders and knowledge of each of its individual markets and to renewed national interest in lending programs that are directed to borrowers who often do not have access to normal lending products.
Updated 02-21-2011
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