For the second year in a row, Wells Fargo tops the list as the largest (gross $) lender of SBA 7(a) loans. For FYE 2010, JP Morgan Chase booked $434MM in SBA 7(a) loans, earning the bank a distant second place on this year’s list behind Wells Fargo’s $871MM.
SBA loan volumes are up across the board, but only slightly ahead of 2009 and significantly behind the heyday volumes seen from 2004 through 2007. In 2010, JP Morgan Chase regained the top volume honors, booking 3,386 loans.
According to SBA.gov, recent government actions have produced results. Specifically, the SBA states that
compared to the depths of the recession, average weekly SBA loan volume is up over 70% and SBA secondary markets have returned closer to historical levels. In total SBA funding has supported nearly $13 billion of lending since ARRA was enacted on February 17, 2009.
|Year|||||Volume Leaders|||||$ Loans|||||Velocity Leaders|||||# Loans|
|2010||Wells Fargo||$871 Million||JP Morgan Chase||3,386|
|2009||Wells Fargo||$827 Million||Superior Financial||2,690|
|2008||CIT Small Business||$771 Million||JP Morgan Chase||6,139|
|2007||CIT Small Business||$882 Million||Bank of America||10,878|
|2006||CIT Small Business||$873 Million||Bank of America||13,089|
|2005||CIT Small Business||$801 Million||Bank of America||11,911|
|2004||CIT Small Business||$891 Million||Bank of America||12,758|
|2003||CIT Small Business||$754 Million||Bank of America||9,406|
|2002||CIT Small Business||$778 Million||Bank of America||3,917|
|2001||CIT Small Business||$582 Million||Fleet Bank||2,889|
|2000||CIT Small Business||$469 Million||Fleet Bank||2,889|
As the effects of the $300 billion Small Business Assistance Bill begin to slowly ripple through the economy SDR will keep a close eye on the volume and velocity of SBA loans.