SBA

Kelly Loeffer would lead an agency that is critically important to community banks, which make tens of billions of dollars in loans annually under its largest loan program.

The Boca Raton, Florida company is seeking to attract deposits with a product that more closely resembles the strategy many fintechs typically employ.

The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.

The average size of a Small Business Administration 7(a) loan has fallen to just over $400,000, a level last reached in 2017, according to agency statistics.

The Wilmington, North Carolina, company reported a breakout quarter for loan production, but profits fell as an increase in nonperforming loans led to higher provisioning.

While companies trust banks and typically maintain their core relationship with small businesses, the industry's dominant position is hardly set in stone, according to a survey by American Banker.

Despite strong growth and solid profits, the Miami-based lender, formerly a business development company, still hasn't convinced the market it fits in as a bank.

New Canaan-based Bankwell's digital solution relies on software designed by Lendio to compress the application-to-funding interval and appeal to speed-conscious small-business owners.

Though it has yet to result in any new voters being added to the rolls, SBA is seeking to expand an initiative that has drawn the ire of congressional Republicans, who fear the effort is aimed at boosting Democratic votes.

The Minneapolis-based banking giant is enjoying its biggest year ever for 7(a) lending, with volume up 40%, as borrowers "are still coming to us," its SBA chief said.