As budget questions loom over the most popular Small Business Administration loans, lenders have embraced the previously overshadowed 504 program after a key policy tweak.
The Columbus, Ohio, bank has hired a former executive from Bank of America to run the new business, which will target physician, dentist and veterinary practices.
First Internet is poised to acquire an SBA lending team to help it meet an ambitious loan target for the year — a target the CEO plans on doubling in coming years.
While Noah Bank’s CEO has been accused of self-dealing in connection with SBA loans, its chairman says the directors had a succession plan ready to go and are rallying to rescue the bank’s reputation.
The deals lets a North Carolina group skip the de novo process. West Town, which sold the bank, will use the funds to support a fast-growing business line.
Lawmakers from both parties oppose a Small Business Administration proposal to raise guarantee fees. The clash could lead to a halt in operations this fall.
The National Credit Union Administration and the Small Business Administration have established a program to boost SBA lending by credit unions, which was very light last year. It is sure to irk bankers, who have raised competitive concerns.
