Wells Fargo is the new king of SBA loans.According to a study by Foresight Analytics, Wells Fargo funded 7.7% of all SBA loans in the first nine months of the fiscal year while struggling CIT Group's 1.1% market share dropped it to 16th place in the rankings.
When taking into account the Wells Fargo acquisition of Wachovia Bank, their combined market share of SBA loans rises to 9.3% of the market.
CIT Group had held the top spot in SBA loan production for nine years until its recent challenges put an end to its marketplace dominance.
For those borrowers who qualify, now is a good time to consider an SBA loan. Between the fee waivers and the recovery of the secondary markets for SBA loans, activity levels are picking up. There are a lot of smaller, regional banks looking to add to their SBA loan portfolio.
Need help finding the right SBA lender? Read "Matchmaking for Business Loans" and give me a call!
Tags : SBA loans , 7a loan , Wells Fargo , CIT Group , top SBA lender
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