 SBA loans are available – proof positive: $201 Million SBA loans are available – to both start-ups and existing businesses – across Tennessee. To date in FY 14 as of August 23, SBA has guaranteed $201 million through 347 loans made by over 80 banks and credit unions across the state. And with our waiver of guarantee fees through September 30 up to $150,000, we are able to save you, the small business owner or aspiring owner, even more dollars. People often ask – do start-up businesses receive SBA loans? The answer is yes as about 1/3 of our loans are for brand new start-up businesses. So now is the time to act – we encourage those seeking capital to check with their bank of account and ask if they offer SBA loans and also shop lenders as some may offer more attractive terms to meet your business needs. And with SBA, there is never a balloon payment or call note, so your benefit from the stability of the SBA loan product. Our list of SBA lenders, by county, statewide is available in the SBA Tennessee Resource Guide at http://www.smallbusiness3.com/pdf/english/tennessee.pdf Walter N. Perry III District Director Lender Statistics To see who is lending in Tennessee, below is our list of lenders who are committed to providing capital through SBA loans across Tennessee… Tennessee Top Lenders – (as of July 31, 2014) Top Volume- Lenders with 4 or more SBA loans in Tennessee since beginning of Fiscal Year 2014 (October 1, 2013) - US Bank, Cincinnati, OH; 65 loans, $12.7 million
- Live Oak Banking , Wilmington, NC; 19 loans, $27.3 million
- SunTrust Bank, Atlanta, GA; 17 loans, $18.5 million
- Wells Fargo, Sioux Falls, SD; 17 loans, $10.8 million
- Synovus Bank, Columbus, GA; 16 loans, $9.1 million
- FSG Bank, Chattanooga, TN; 12 loans, $3.8 million
- UT Federal Credit Union, Knoxville, TN; 12 loans, $678,000
- Celtic Bank Corporation, Salt Lake City, UT; 10 loans, $1.2 million
- First Advantage Bank, Clarksville, TN; 9 loans, $3.4 million
- Regions Bank, Birmingham, AL; 8 loans, $4.7 million
- BrightBridge, Inc., Chattanooga, TN; 7 loans, $3.8 million
- Fifth Third Bank, Cincinnati, OH; 7 loans, $2.7 million
- First State Bank, Union City, TN; 7 loans, $2.6 million
- Triumph Bank, Memphis, TN: 6 loans $4.6 million
- Mountain Commerce Bank, Erwin, TN; 6 loans, $928,000
- First Farmers and Merchants Bank, Columbia, TN; 5 loans, $331,000
- Pinnacle Bank, Nashville, TN; 5 loans, $5.4 million
- Areawide Development Corp., Alcoa, TN; 5 loans, $3.9 million
- Superior Financial Group, Walnut Creek, CA; 5 loans, $85,000
- Commercial Bank, Harrogate, TN; 4 loans, $314,500
- Heritage Bank USA, Hopkinsville, KY; 4 loans, $181,000
Top Dollar –Lenders With $3 million or more SBA loans in Tennessee since beginning of Fiscal Year 2014 (Oct 1, 2013) 1. Live Oak Banking , Wilmington, NC; 19 loans, $27.3 million 2. SunTrust Bank, Atlanta, GA; 17 loans, $18.5 million 3. US Bank, Cincinnati, OH; 65 loans, $12.7 million 4. Wells Fargo, Sioux Falls, SD; 17 loans, $10.8 million 5. Synovus Bank, Columbus, GA; 16 loans, $9.1 million 6. Stearns Bank, Saint Cloud, MN; 3 loans, $6.0 million 7. Pinnacle Bank, Nashville, TN; 5 loans, $5.4 million 8. Avenue Bank, Nashville, TN; 2 loans, $5.2 million 9. Evolve Bank and Trust, West Memphis, AR; 3 loans, $5.0 million 10. First National Community Bank, Chatsworth, GA, $5.0 million 11. Regions Bank, Birmingham, AL; 8 loans, $4.7 million 12. Triumph Bank, Memphis, TN: 6 loans $4.6 million 13. First Western SBLC, Inc.; Dallas, TX; 2 loans, $4.4 million 14.First Security Bank of Nevada; Las Vegas, NV: 1 loan, $4.3 million 15. Areawide Development Corp., Alcoa, TN: 5 loans, $3.9 million 16. FSG Bank, Chattanooga, TN; 12 loans, $3.8 million 17. The Peoples Bank, Rose Hill, VA; 1 loan, $3,8 million 18. BrightBridge, Inc., Chattanooga, TN; 7 loans, $3.8 million 19. Mid-Cumberland Area Development Corp, Nashville, TN; 3 loans, $3.6 million 20. CertusBank, Easley, SC; 2 loans, $3.6 million 21. First Advantage Bank, Clarksville, TN; 9 loans, $3.4 million 22. Colorado National Bank, Palisade, CO; 1 loan, $3.2 million 
Credit Scoring Model Helps Lenders and Small Business Secure Big Gains By Regional Administrator Cassius Butts of Region IV, The Southeast Helping banks get to "yes" on small business loans has never been more important to America's economic health, because it's smaller firms that have driven our recovery, both nationally and locally. Entrepreneurs are creating nearly 2 out of every 3 private-sector jobs. Federal Reserve Board Chair Janet Yellen said, "small businesses deserve a considerable share of the credit for the investment and hiring" that powered our recovery following the financial crisis and credit freeze. Throughout the Southeast, SBA is working tirelessly alongside banks to join our lending network and increase their lending activity to small business owners like you. We've recently rolled out a credit scoring model for small dollar loans of $350,000 or less, combining personal and business credit scores to streamline the lending process. With this model, we are eliminating the requirement for banks to submit cash flow analysis on loans of $350,000 or less, cutting time and cost of applying for an SBA loan. We've tested this system for over 10 years, and the default rate is remarkably low. This model helps lenders generate more loans and ignite economic activity. Establishing a quicker, cheaper, and consistent loan process model will help existing lenders do more small-dollar lending. This will inevitably support the small business environment, especially underserved small businesses because it expedites access to essential capital. Additionally, this credit scoring model is further enhanced by the well-known FICO Small Business Scoring Service Product, therefore both lenders and small businesses win. SBA's credit scoring model is ensured to work for lenders and small businesses, because it has a proven track record of billions of dollars in loan approvals. Approval of smaller loans is a vital part of our promise of equal opportunity in America. A study by the Urban Institute found that women and minorities are three to five times more likely to be approved for an SBA-backed loan than a traditional bank loan. In other words, if the SBA doesn't get capital to these entrepreneurs, often no one will. Therefore, I call on our local lenders to work with us at SBA to quickly advance loans and expand capital access by using our quick credit scoring model for small dollar loans. Contact the Tennessee District Office at 615-736-5881 for more information. Review the SBA Lender and Development Company Loan Programs , or visit us at www.sba.gov/for-lenders for additional information. The Tennessee District SBA Office presented several Small Busienss Awards during the month of August and was part of a number of successful outreach events to Veterans, entrepreneurs, lenders and minority small businesses. On August 7th District Director, Walter Perry and Rural Liaison, David Tiller, presented the Tennessee Rural Small Business Person of the Year Award to Bob McCurdy of McCurdy Sod Farms in Dyer, as part of an event sponsored by the Tennessee Small Business Development Center and the Gibson County Chamber of Commerce. David Tiller also attended the annual Tennessee Poultry Association Conference in Nashville during the month. On August 12th a Veterans Outreach event in Jackson included the Small Business Development Center Director, Ron Acree, SBA District Director, Walter Perry and Veterans Business Development Officer, David Tiller. In additon to Mr. Perry keynote addresses to the 50 attendees included Many Bears Grinder, Commissioner of the Tennessee State Department of Veterans Affairs. Gloria Armstead, Economic Development Specialist, District Director, Walter Perry and Public Informaton Officer, David Tiller, attended the Tennessee Department of Transportation (TDOT) Conference in Nashville on August 18th and 19th a program which emphsized government contracting with small and minority businesses. On August 19th Director Perry presented an SBA Lending Award to Mid Cumberland Certified Development Company, a 504 lending partner in Nashville. Also on August 19th, Perry participated in a government contracting panel at the Mt. Zion Church, one of the largest congregations in the Nashville area. Gloria Armstead, David Tiller and Director Perry attended the Economic Development Forum, "Collaboration, Ecosystems and Discovery", presented by the Memphis Minority Business Center (MMBC) Continuum, with over 700 attendees on August 27th and 28th, one of the largest minority small business forums in the southeast. Please put this on your calendar: On September 12th the Tennessee SBA, along with the Small Business Development Center (TSBDC), and the Housing and Urban Development Department(HUD) will be conducting the 3rd Annual Veterans Outreach Event, "Services For Those Who Have Served," in east Tennessee from 8:00am until Noon, at the Munsey Memorial United Methodist Church Center, 201 E. Market Street in Johnson City. To register for this upcoming event please call (423) 439-8505.
SBA District Office Hightlights August 2014Tennessee District Office | Connect with us for news and resources UPCOMING EVENTSSept.4th-"Financing Your Business the SBA Way," 1pm-2pm,Eastern, Small Bus.Dev. Center, 100 Cherokee Blvd. Chattanooga,TN 37405,(423)756-8668 Sept.6th-"Quick Books for Beginners" 8:30am-11:30am, Central, Small Bus.Dev.Center 330 10th Ave. North, Nashville,TN 37203 (615)963-7158 Sept.10th-"Meet the Procurement Center Representative"9:00am -11:00am, Central, SBA Office, 2 International Plaza Dr.Suite 500,Nashville TN 37217 (615)736-5881 Sept.10th-"Government Contracting" 9am-Noon, Central, Renaissance Business Center, 555 Beale St. Memphis,TN 38103, (901)526-9300 Sept.11th"Financing Your Busienss the SBA Way,"1pm-2pm Eastern, Small Bus. Dev.Center, 100 Cherokee Blvd. Chattanooga,TN 37406 (423)756-8668 Sept.12th-"Services For Those Who Have Served"-NE TN Vets Outreach Event,8am-Noon,Eastern, Munsey United Methodist Church, 201 E.Market St.Johnson City, TN 37601 (423)439-8505 Sept.12th-"Federal Contracting-Where's the Money?" 10:30am-Noon, SBA Office, 2 International Plaza Dr, Suite 500, Nashville, TN 37217 (615)736-5881 Sept.13th-"Small Business Boot Camp," 8:30 am- Noon,Central Small Bus.Dev.Center 330 10th Ave. North, Nashville,TN 37203 (615)963-7179 Sept.13th-"Starting a Business Workshop" 9am-Noon,Central, SCORE, 2 Internat'l Plaza Dr. Suite 500, Nashville,TN 37217 (615)736-7621 Sept.20th-"Building Financial Projections for Business Plans," 1pm-4pm, Central, SCORE, 2 Internat'l Plaza Dr., Nashville, TN 37217,(615)736-7621 |
No comments:
Post a Comment