Arvest Bank Continues as SBA Loan Production Leader
FAYETTEVILLE, Ark. (Jan. 9, 2018) – Arvest Bank once again ranked among the top Small Business Administration (SBA) lenders in its footprint 2017, based on loan production.
Arvest was the No. 1 SBA lender for the fourth consecutive year in Arkansas, in fact, based on its number of 7(a) loan approvals. For the SBA fiscal year ending Sept. 30, Arvest had 63 such loans, totaling $20.6 million.
In Oklahoma, Arvest ranked second among SBA lenders, with 58 loans totaling $11.1 million. According to the Kansas City District Office, which covers eastern Kansas and western Missouri, Arvest ranked among the top 10 there, with 25 loans totaling $8.7 million.
"Participating with the SBA is vital to many of our customers, and we very much appreciate the fact they trust Arvest to help them make these transactions," Arvest SBA loan manager David Melchert said. "And while we are proud of our track record helping small businesses, we look forward to making that an even greater focus in 2018 and beyond."
SBA 7(a) loans are its primary means for helping startup and existing small businesses deal with a variety of general business purposes, and volume climbed to a record amount – more than $25 billion – in the SBA fiscal year ending Sept. 30, according to Bill Manger, associate administrator at the SBA's Office of Capital Access.
"That was a 5 percent increase from the previous year, and the trend has accelerated in the first three months of fiscal year 2018," Manger said.
Arvest remains an SBA-preferred lender, meaning the process is streamlined for applicants. Small business owners who need to explore financing options should talk to an SBA-approved lender who can offer them a complete range of available options.