SBA 504 Lending and Small Business News
Fresno First Bank has been named Central California’s #1 SBA Community Bank Lender for the fourth year in the row. During the year, Fresno First Bank was able to approve 37 SBA 7(A) loans totaling $16.7 million and participated in SBA 504 loans which will yield approximately $15.6 million in additional loans to small businesses throughout Central California. In a press release, Michael Fanucchi, Senior VP of First Fresno Bank, recognized the bank’s employees, stating, “The credit for this recognition goes to our team. Their dedication and hard work has allowed us to keep the top community bank lender spot in the Fresno District.”
The SBA recently joined Silicon Valley in working to close the investment gap for minority-owned businesses. In a recent press release, SBA Administrator Maria Contreras-Sweet released the findings of a new study on the funding and the challenges of funding that companies led by people of color or female founders face. In an effort to help close the gap, Ms. Contreras-Sweet announced a new public-private partnership with LinkedIn and other organizations called the Open network For Board Diversity. This coalition will work towards expanding minority groups’ representation on small business advisory boards, boards of directors, and increase diversity in small business leadership.
Colorado small businesses borrowed a record amount through SBA guaranteed loans this year, setting a new lending record. Overall, SBA lending in Colorado amounted to 1,996 loans worth $826.7 million, a dramatic increase from last year’s 242 loans worth $126 million. Christopher Chavez, spokesman for the SBA Denver Region, attributed the increase in loan amount to more people moving into Denver as well as an increase in construction and real estate costs. Colorado Lending Source was the top SBA 504 lender, with $105 million in loans attributed to the firm.