LANSING, Mich. –October 2015 –With $6.5 million in SBA 7(a) loans for the month of October 2015, Capitol National Bank ranks second in SBA lending among Michigan banks, according to a monthly report from the U.S. Small Business Administration’s district office in Detroit.
“Capitol National Bank is focused on SBA 7(a) and 504 lending as additional tools in today’s commercial lending environment, “said Steve Pricco, Director of Government Guaranteed Lending, “The bank has been successful in reviewing their current customers’ loan structure to see if refinancing into the SBA 7(a) program is beneficial for both the bank and the customer. With more loan officers having an understanding of the SBA processing, I anticipate the SBA lending volume will continue to increase going forward.”
SBA loans allow the bank to use less of its capital in making commercial loans to eligible customers. The customers receive longer loan terms than most conventional financing and the SBA guarantee assists the banks in making loans to borrowers with limited collateral to support the loan amount.