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Banking SBA approves more than $1B in loans for fifth year

SBA approves more than $1B in loans for fifth year

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In Tarrant County, the SBA guaranteed 277 loans worth more than $231 million helping create 1,674 jobs and retain 1,981 job for fiscal year 2019. In Fort Worth, there were 108 loans guaranteed worth about $91 million which created 596 jobs and retain 700 jobs.

Herbert Austin, District Director for the U.S. Small Business Administration (SBA)’s Dallas/Fort Worth (DFW) District Office announced Oct. 25 that for fiscal year 2019, which ended Sept. 30 there were 1,589 lender- approved loans guaranteed by SBA worth over $1.16 billion in the district’s 72 counties. “We have achieved another billion dollar year in the DFW district for the fifth consecutive time” said Austin. “This is a testament of the great relationships SBA has with our lending and resource partners. Not only are these loans helping small businesses grow but its also making a positive impact to our local economies by creating and sustaining jobs.”

Below are the top five SBA 7a lenders by dollars in the DFW district.

Lender Dollar Number of loans

1 Live Oak Banking Company $65,993,000 48

2 BBVA USA $52,240,700 57

3 Celtic Bank Corporation $47,520,300 39

4 Metro City Bank $46,795,000 15

5 Wells Fargo Bank $43,841,300 151

Wells Fargo approved the highest quantity of loans to small businesses with 151 loans and JP Morgan Chase came in second with 193 loans in FY19 which ended September 30th.

“The DFW district’s FY19 loans helped create approximately 8,398 jobs and retain 10,083 jobs” said Ahmad Goree, SBA’s Public Information Officer.

Nationwide, SBA’s flagship 7(a) loan program guaranteed approximately 52,000 7(a) loans totaling $23.17 billion. The 504 loan program had another year of increased performance, with more than 6,000 loans made for a total dollar amount of more than $4.9 billion.

“This funding is great news for DFW District borrowers and the local economy,” said South Central Regional Administrator Justin Crossie. “A top priority of this Administration is to support America’s entrepreneurs with access to capital in large cities, rural areas and Opportunity Zones where economic development depends on the strength of thriving small businesses that are creating the majority of our local jobs.”

Nationally, in FY19 there was significant growth of dollars loaned in the SBA’s Microloan program, with more than 5,500 loans approved for nearly $81.5 million.

SBA Microloans in the DFW District which are loans for $50,000 or less amounted to 36 loans to small business for approximately $960,695 during this fiscal year.

In addition to the strong lending numbers, the SBA continues to innovate and improve processes by leveraging enhanced technologies. Lender Match is an SBA technology platform that gives entrepreneurs the ability to complete a quick online form, without registration or cost to the user to connect with an SBA-approved lender within 48 hours. To date, Lender Match has generated 4.4 million leads on behalf of small businesses to our lenders, and lenders have contacted more than 230,000 unique borrowers with financing options.


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