According to The Los Angeles Times, the dollar volume of SBA loans in Los Angeles was down for the fourth quarter of 2007 while the number of loans increased. Interestingly, the number of SBA loans decreased nationwide while the dollar volume increased. Certainly adds a bit of intrigue as to whether the SBA will be stepping up to help small business through the credit crunch.So who were the top SBA lenders in the Los Angeles district based upon number of loans? The top five included:
- Innovative Bank
- Bank of America
- Washington Mutual
- Capital One
- Wells Fargo
Innovative Bank tripled its loan numbers compared with a year ago to replace Bank of America at the top of the heaps. According to The Times, Innovative Bank tends to make a lot of small loans (average of $22.6 thousand in 4th quarter) and is still implementing a number of changes resulting from a cease and desist order issued by the FDIC this past April.
The article points out that SBA lenders around the country are complaining about a new oversight fee that the SBA started charging this past fall. I wonder how much of that fee is being somehow passed through to borrowers.
Need help finding the right SBA lender or telling your story the right way? Read "Matchmaking for Business Loans" and give me a call!Tags : SBA , Bank of America , Innovative Bank , small business , credit crunch , Los Angeles
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