A few Birmingham-based banks were among the largest lenders to Alabama companies through the U.S. Small Business Administration’s 7(a) program, which is often used to establish a new business or to assist in business acquisitions.
As I recently reported, lenders doled out $193.8 million in loans to Alabama companies in the 12 months ended Sept. 30. That figure includes 301 7(a) loans, worth $143.5 million, and 94 504 loans, worth $50.3 million.
Here’s a list of the 10 lenders providing the most government-backed loans to Alabama small business through the SBA’s 7(a) program:
No. 1) Doraville, Ga.-based Metro City Bank with $13.9 million in loans
No. 2) Birmingham-based First Partners Bank with $12.2 million in loans
No. 3) Birmingham-based ServisFirst Bank with $9.7 million in loans
No. 4) Wilmington, N.C.-based Live Oak Banking Co. with $8.3 million in loans
No. 5) San Francisco-based Wells Fargo Bank with $6.3 million in loans
No. 6) Atlanta-based Cornerstone Bank with $5.8 million in loans
No. 7) Anniston-based Southern States Bank with $5.7 million in loans
No. 8) Dallas-based Sovereign Bank with $5 million in loans
No. 9) Atlanta-based Bank of Atlanta with $4.8 million in loans
No. 10) Birmingham-based BBVA Compass with $4.8 million in loans
The certified development companies that lent the most through SBA’s 504 program, which finance fixed assets like equipment or real estate, were Southern Development Council ($23.9 million) and Alabama Small Business Capital ($13.1 million), both based in Montgomery.
Antrenise Cole | Birmingham Business Journal
November 1, 2013