Daily News: June 24, 2013

SBA Honors Top Lenders

Three banks, two certified development companies and two Small Business Investment Companies today received the highest recognition by the U.S. Small Business Administration in Washington, D.C., as they were proclaimed 2013 Lenders and Investment Companies of the Year, during National Small Business Week. Also honored were four winners in the Entrepreneurial Development category.

While overall portfolio performance was an important factor in the lender and investment awards, in-tier performance, job creation and continued support for small businesses were paramount in determining the winners.

“SBA’s mission in support of small businesses encompasses much more than financial assistance and includes opportunities for investing and all kinds of entrepreneurial support. Our partners in these important areas are crucial to the success of our mission,” said SBA administrator Karen Mills. “We at SBA are proud of that partnership and pleased to honor these award winners for their role in helping small businesses start up, grow and succeed.”

During National Small Business Week, SBA honors State Small Business Persons of the Year from all 50 states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands, and recognizes businesses recovering from natural disasters, people who have helped others recover from natural disasters, small business lenders, small business contractors and contracting officers and advocates for small businesses.

The Large 7(a) Loan Lender of the Year Award went to Wells Fargo of Minneapolis, MN, which was also the winner in Fiscal Year (FY) 2011. Wells Fargo made more than $1.24 billion in loans and supported more than 37,000 jobs in FY 2012.

The Small 7(a) Lender of the Year Award was shared by Village Bank & Trust of Des Plaines, IL and Eastern Bank of Boston, MA. In FY 2012, Village Bank & Trust showed an impressive growth rate in SBA lending of more than 6,000 percent over the previous year and supported more than 940 jobs in its community. Eastern Bank’s performance focused primarily on underserved markets, where it made 207 loans and supported 2,297 jobs.

To read about the other SBA award recipients click here.