Banks lend big bucks to small businesses – Richmond BizSense

The U.S. Small Business Administration adjacent month will honor the crown SBA lenders in the state of matter from stopping point class .
But in the first base half of fiscal 2013, SBA lenders in Virginia were busy .
A sum of 228 loans valued at a combined $ 80.8 million were made by lenders through the SBA ’ s Richmond District agency from Oct. 1, 2012, through March 31. And therefore far in its fiscal year 2013, 61 SBA loans have been borrowed in Chesterfield, Henrico, Hanover and the City of Richmond combined, totaling $ 30.07 million .

SBA loan volume for fiscal 2012*
City/county No. of loans Total dollars lent
Chesterfield 27 $16,939,800
Hanover 13 $1,209,800
Henrico 45 $19,932,900
Richmond 21 $11,429,800
Total 106 $49,512,300

*Includes 7 ( a ) and 504 small business administration loans

As has been the case for at least the past respective years, BB & T made the most small business administration loans in the administration ’ s Virginia zone during that period and for all of 2012 .
The depository financial institution will be recognized future calendar month as the top overall lender in the state for fiscal 2012 at an awards lunch in Richmond .
BB & T made 72 SBA loans valued a entire of $ 17.73 million in fiscal 2012, according to SBA records .
That ’ s down in volume from the previous year for the bank but astir more than $ 2 million in the measure .
Through March 31, 2013, BB & T had made 32 small business administration loans through the Virginia district totaling $ 7.65 million.

Its nearest rival in total loans made through the first half of fiscal 2013 is Wells Fargo, with 25 small business administration loans totaling $ 6.8 million .
SunTrust leads in entire dollar amount through March 31 with 12 loans at $ 9.48 million .
A few locally based banks have been in on the action for fiscal 2013 : Union First Market Bank has made four SBA loans totaling $ 1.98 million, as of March 31. New Horizon Bank, a young bank in Powhatan, made one SBA loan for $ 162,000. And Village Bank and EVB each made one SBA loan as March 31 .
several of the bigger regional banks that have a big Richmond presence are besides active SBA lenders in the district .
M & T Bank was third base on the list in volume through March 31, with 20 small business administration loans in the Virginia zone for a sum of $ 2.84 million.

Read more: Top 5 Benefits of Collaboration in Business

Christiansburg-based StellarOne Bank, which has been increasing its stake in Richmond, was one-fourth in volume through March 31, with 14 loans totaling $ 1.6 million .
For fiscal 2012 in the SBA ’ s Virginia zone, 515 loans from 93 lenders were made at full of $ 202.98 million. That was compared with 629 loans for $ 214.9 million in fiscal 2011 .
Of that 2012 total, 106 loans were borrowed in the Richmond metro area, totaling $ 49.51 million .

source : https://enrolldetroit.org
Category : Social

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