SBA Honors Top Delaware Lenders
The U.S. Small Business Administration’s (SBA) Delaware District Office will honor its leading lenders at the Delaware Small Business Week Awards Dinner on June 7 at the Executive Banquet and Conference Center in Newark.
The awards recognize SBA’s top 7(a) lender by dollar volume and number of loans, top 504 third party lender and top SBA certified development company, for their efforts to expand access to capital opportunities for Delaware’s small business community.
For the third year in a row Wilmington Trust is SBA’s top lender in Delaware with 26 loans. It also earned the title as SBA Top 7(a) Lender based on loan dollar volume with $1.6 million in SBA lending. In addition, Delaware Community Development Corporation will be honored as SBA’s Top Certified Development Company and Delaware National Bank (now Fulton Bank) will be honored as Top SBA 3rd Party Lender for 504 loans.
“Even though SBA lending and overall small business loan volume in Delaware have not yet rebounded from the recession, these SBA lenders really stepped up to the plate to support our small business community,” said Jayne Armstrong, district director of SBA’s Delaware District Office. “Thanks to the commitment of our lending partners, we financed 103 SBA-guaranteed loans for a total investment of $16.8 million.”
SBA’s Top Delaware Lenders for FY10:
• Top SBA 7(a) Lender – Number of Loans: Wilmington Trust – 26 Loans
• Top SBA 7(a) Lender – Dollar Volume: Wilmington Trust – $1,618,100
• Top SBA Certified Development Company – 504 Loans:
Delaware Community Development Corp – 8 Loans
• Top SBA 3rd Party Lender – 504 Loans: Delaware National Bank – 4 Loans
The 7(a) program is SBA’s primary lending program. It provides loan guarantees for small businesses unable to secure financing on reasonable terms through conventional lending channels. The program operates through private-sector lenders who provide loans which are guaranteed by SBA. A maximum loan amount of $5 million has been established for 7(a) loans.
The SBA 504 program offers long-term, fixed-rate financing for the purchase and renovation of land, commercial buildings and equipment. Typically, a 504 project includes a loan secured with a senior lien from a private sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from one of SBA’s four certified development companies (backed by a 100 percent SBA-guaranteed debenture) covering up to 40 percent of the cost and an equity injection of at least 10 percent from the small business owner. The maximum SBA debenture for a single project is $5 million.
Small Business Week is co-sponsored by the Delaware Community Development Corporation, DelVal Business Finance Corporation and Mid-Atlantic Business Finance Company. Bobby Pancake, co-owner of Buffalo Wild Wings franchises in Delaware and Maryland and SBA’s 2010 National Entrepreneurial Success Award winner, is the evening’s master of ceremonies.
Each year SBA’s 68 district offices across the country recognize their outstanding small business owners and champions at local Small Business Week events. The Delaware Small Business Week Awards Dinner is on Tuesday, June 7 at the Executive Banquet and Conference Center in Newark. The dinner reception starts at 5:30 p.m., followed by the program at 7:00 p.m. The cost of the dinner is $50 per person. Online registration is available at www.tinyurl.com/smallbusinessweek . For a list of award winners, the menu and other details contact the SBA at (302) 573-6294.