-
Ann Mehlum, the chief executive of Summit Bank of Eugene, Ore., will step down to lead the U.S. Small Business Administration's loan programs.
July 10 -
The Small Business Administration is making more money available for programs that encourage investment in early-stage companies and low-income communities.
June 6
JPMorgan Chase (JPM) made more loans through the U.S. Small Business Administration than any other bank in fiscal year 2013, while Wells Fargo was tops by dollar volume for the fifth consecutive year, according to new data from the SBA.
JPMorgan Chase approved 3,637 loans in the fiscal year that ended Sept. 30, for a total of $486 million. Wells made fewer loans 3,481 but it did three times the volume, approving nearly $1.5 billion of loans during the 12-month period.
In all, lenders approved 54,106 SBA loans in the fiscal year for a total of $29.6 billion, the SBA said Tuesday. It is the third-highest dollar figure in the SBA's history, topped only by the $30.5 billion approved in 2011 and the $30.3 billion approved last year.
Rounding out the top five by dollar volume were U.S. Bancorp (USB), Live Oak Bank in Wilmington, N.C., JPMorgan Chase and Huntington Bancshares (HBAN). By loan volume, the top five were JPMorgan Chase, Wells Fargo, Huntington, U.S. Bancorp and M&T Bank (MTB).
"Reaching our third-highest year of SBA lending in [fiscal year] 2013 demonstrates the strength and resiliency of America's 28 million small businesses as they continue to recover from the Great Recession and drive our economy forward," said Jeanne Hulit, acting SBA commissioner, in the news release.
Two programs the SBA recently tried to simplify were more popular in 2013 than in previous years, it said. Use of the Small Loan Advantage program, which provides loans of under $350,000 and which the agency attempted to streamline in 2012, rose more than 300% this fiscal year, to nearly $745 million worth of loans.
In addition, the SBA approved more than $500 million worth of loans through the CAPlines program, which provides lines of capital to businesses and was revamped by the agency last year. There have been 1,200 loans approved through the program in the two years since the SBA streamlined it, nearly as many as in the program's previous 15 years of existence, the agency said.
Wells Fargo approved 18% more loans, by dollar amount, than in 2012. It has increased its annual SBA lending nearly 78% since 2009, the first year it topped the SBA's lending list, it said.
Since 2009, the SBA has supported over $126 billion worth of lending to more than 260,000 small businesses, it said.
