SBA Loan Totals Show Webster On Top For 6th Year

by Categorized: Banking, Public finance Date:

The Small Business Administration loan totals in Connecticut for the fiscal year that ended Sept. 30 show Webster Bank ahead in both number of loans and dollar total, leading both categories for the sixth straight year.

In all, the Connecticut SBA office backed 572 loans totaling $227 million, a 22 percent dollar increase over fiscal 2012.  Webster’s total in the recent year was 78 loans for $34.4 million.

The totals include the so-called 504 program of loans to Certified Development Corporations; that total was $42.4 million in 70 deals.

Top Five Lenders in Fiscal 2013 by Number of Loans:

BANK Number of Loans Dollar total
Webster Bank 78 $34,439,000
First Niagara Bank 60 $30,168,000
Farmington Bank 52 $7,009,000
Wells Fargo Bank 31 $14,736,000
Thomaston Savings Bank 27 $6,004,000

“We’re starting to see, and we’ve been seeing, businesses really come out and get confident enough to come out and borrow,” said Robert J. Polito, senior vice president and director of government guaranteed lending at Webster.

Borrowers are firms “across the board,” he said. “It’s from an ice cream shop to a law firm, from a gynecologist to a plumber.”

SBA loans up to $5 million can be backed by the federal agency from 50 percent of value to 90 percent.

the list has led to some competing claims among banks. In its annual report earlier this year for 2012, Farmington Bank said: “Our success in the small business segment resulted in Farmington Bank being named the No. 1 Small Business Administration lender in the state of Connecticut for the SBA fiscal year ending 2012.”

In that fiscal year, Farmington Bank had a total of 57 regular small business loans backed by the SBA, for a total of $8.6 million.  Webster had 50 loans totaling $12.4 million.  Including the community development loans, Farmington Bank had 59 deals for a total of $10.3 million and Webster had 60, totaling $20.5 million.

 

BANK Number of Loans Dollar total
Webster Bank 78 $34,439,000
First Niagara Bank 60 $30,168,000
Farmington Bank 52 $7,009,000
Wells Fargo Bank 31 $14,736,000
Thomaston Savings Bank 27 $6,004,000
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