Arvest Bank Sees Record Numbers of SBA Loans in 2014
Trend on Par with National Numbers
FAYETTEVILLE, Ark. (March 13, 2015) – Arvest Bank made a record number of Small Business Administration loans in 2014. The bank made 145 new SBA loans, which was 22 percent higher than their previous record of 119, recorded in 2012. The new loans in 2014 represented more than $32 million in loan volume.
Across the nation, U.S. Small Business Administration (SBA) lending has been on the rise since the recession ended in 2008. In 2014, there were a record 52,044 approvals of the 7(a) loan, the most common type of SBA loan. As 2015 is expected to see continued growth in SBA lending, educating and preparing small business owners on how to secure capital is more important than ever.
Arvest Bank believes small business growth and lending is vital for the economy both nationally and at the local level, and is eager to continue helping small business owners and administrators gain access to funds they need to further their businesses and help shape their communities.
An improved economy, stronger borrower collateral and higher confidence in lending may push SBA lending higher in 2015. Additionally, personal and business credit scores are just now reflecting improvement from the recession.
Arvest is an SBA-preferred lender, meaning that the process is streamlined for applicants.
Small business owners who need to explore their financing options should talk to an SBA-approved lender who can offer them the widest range of available programs. More information about SBA loans can be found at www.sba.gov.