Loans vital for startups and existing small businesses.
LOWELL, Ark. – Arvest Bank continued to be a leading Small Business Administration (SBA) lender in 2016, based on loan production.
In Arkansas, for example, Arvest was the No. 1 SBA lender for the third consecutive year based on its number of 7(a) loan approvals. For the SBA fiscal year ending Sept. 30, Arvest had 54 such loans, totaling $19.5 million.
These loans are the SBA’s primary means for helping startup and existing small businesses deal with a variety of general business purposes. The SBA, officials said, helped create or retain more than 694,000 jobs nationwide during the 2016 fiscal year.
“We know and appreciate how much small business contributes not just to the success of our local communities, but the national economy as well,” Arvest SBA loan manager David Melchert said. “We’re happy to have a record of helping small businesses and will continue to do so throughout our footprint whenever possible.”
In Oklahoma, Arvest ranked second among SBA lenders, with 59 loans totaling $14.9 million. According to the Kansas City District Office, which covers eastern Kansas and western Missouri, Arvest ranked fourth, with 47 loans totaling $5.6 million.
Arvest also remains an SBA-preferred lender, meaning that the process is streamlined for applicants. Small business owners who need to explore financing options should talk to an SBA-approved lender who can offer them a complete range of available options.