DFW-area SBA loans total more than $1B for third consecutive year

Small Business

Small businesses in the Dallas-Fort Worth area are banking on the solid economy, and also on the banks that lend them loans for new business ventures.

For the third consecutive year, lenders certified by the U.S. Small Business Administration [SBA] lent DFW entrepreneurs more than $1 billion in SBA loans, according to SBA-provided figures.

Lenders gave a total of 1,589 SBA loans that amounted to $1.17 billion to DFW small businesses in the fiscal year 2019. At least 36 individual financial institutions across North Texas approved more than $10 million in SBA-backed loans.

“We are very active here,” said Herbert Austin, SBA DFW district director. “For lending, we have over 177 banks. Many of the big ones make more than the smaller ones. Nevertheless, the list is extensive.”

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SBA recognized about 12 of the top DFW lenders in different asset and program categories at an award ceremony held at Las Colinas Country Club on Wednesday, Jan 15.

Live Oak Bank Company – which made 48 loans for $65.9 million – was recognized in the highest lending dollars category.

Celtic Bank Corp. made 39 loans for about $47 million was recognized in the small bank category.

Wells Fargo Bank was recognized for its total loan volume for its substantial 151 loans that amounted to $43 million.

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Greater Texas Capital Corporation, which has its DFW and Greater Texas office in Coppell, made 41 loans that totaled $50.3 million. The development corporation was recognized as the top lender in the SBA’s 504 lending category.

Gregory Dunn, director of sales and market at Greater Texas Capital Corporation, said that small businesses in DFW are thriving alongside the tremendous economic growth the metroplex has experienced in recent years. Entrepreneurs can expect a healthier outcome with SBA loans, he said.

“A lot of traditional banks will require more equity down, they want a longer track record, they won’t look at startups,” Dunn said.

“Small business owners want to buy their own property, create equity value in their real estate,” Dunn added. “Benefits of [SBA-backed loans] are you can do that with the lowest 10% down and a portion of the debt is fixed for 25 years.”