Arvest Ranked Among SBA’s Leading Lenders in 2016

Wednesday, February 15 at 06:15 AM
Category: Business Banking

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.

Tags: Arvest Biz, Business Banking, Press Release, SBA.gov
 

Arvest Bank Recognized By SBA as a Top 5 Lender in Missouri

Wednesday, August 31 at 07:05 AM
Category: Arvest News

Arvest made 44 SBA loans in fiscal year 2015, totaling more than $11.7 million. 

MISSION, Kan. - The United States Small Business Administration (SBA) recently recognized Arvest Bank as a 2016 SBA Top 7(a) Lender of the Year in the Kansas City District. The designation is based on the number of loans secured during fiscal year 2015.

Arvest made 44 SBA loans in fiscal year 2015, totaling more than $11.7 million. Both numbers are increases over fiscal year 2014, when Arvest made 35 SBA loans with total volume of more than $6.8 million.

“Small businesses greatly contribute to the success of local communities and our national economy as a whole,” said Mark Larrabee, President and CEO of Arvest Bank in the Greater Kansas City market. “We are honored to be part of the success of these entrepreneurs by providing them with banking solutions that not only help get their businesses started, but also help them grow and reach the financial goals they have set for their companies.”

According to the SBA, small businesses create almost two-thirds of net new jobs every year and employ more than half of all Americans. Fiscal Year 2015 was a record year in lending for the SBA, which helped provide almost $33 billion in loans through its 7(a) and 504 loan programs. The 7(a) loan program is a general small business loan for start-up or existing companies. Small businesses apply for a 504 loan to finance fixed assets such as real estate and equipment.  

The SBA helped create or retain more than 680,000 jobs nationwide during the 2015 fiscal year.  

Tags: Arvest Biz, Business Banking, Missouri, Press Release, SBA.gov
 

Arvest Bank Recognized By SBA as Top Lender in Arkansas

Wednesday, July 27 at 12:10 PM
Category: Arvest News

For the second consecutive year, Arvest Bank is pleased to be recognized as a top lender in Arkansas by the SBA.

LITTLE ROCK, Ark. - The United States Small Business Administration (SBA) recently recognized Arvest Bank as the 2016 U.S. Small Business Administration Arkansas District Top 7(a) Lender of the Year.

The designation is based on the number of loans secured during fiscal year 2015. This is the second consecutive year Arvest has been recognized for this achievement.  

“Small businesses greatly contribute to the success of local communities and our national economy as a whole,” said Jason Warren, Business Banking Manager for Arvest Bank in Little Rock. “We are honored to be part of the success of these entrepreneurs by providing them with banking solutions that not only help get their businesses started, but also help them grow and reach the financial goals they have set for their companies.”

In addition to the bank’s accomplishments during fiscal year 2015, Arvest was recognized by the SBA as the No. 1 SBA lender in Arkansas for the second quarter in fiscal year 2016. 

According to the SBA, small businesses create almost two-thirds of net new jobs every year and employ more than half of all Americans. Fiscal Year 2015 was a record year in lending for the SBA, which helped provide almost $33 billion in loans through its 7(a) and 504 loan programs. The 7(a) loan program is a general small business loan for start-up or existing companies. Small businesses apply for a 504 loan to finance fixed assets such as real estate and equipment.  

The SBA helped create or retain more than 680,000 jobs nationwide during the 2015 fiscal year.

Tags: Arvest Biz, Business Banking, Press Release, SBA.gov
 

Arvest Bank Named Largest Small Business Lender in 2014

Monday, May 11 at 01:15 PM
Category: Arvest News

Arvest Bank was recognized by the U.S. Small Business Administration as the top SBA lender in Arkansas.

LITTLE ROCK, Ark. — The Arkansas District Office of the U.S. Small Business Administration (SBA) announced that Arvest Bank was the top SBA lender for the state of Arkansas for 2014. The announcement was part of the SBA’s Arkansas Small Business Awards Luncheon at the Clarion Hotel in Little Rock on April 30, 2015.

“Arvest is proud to once again be recognized as the state’s largest SBA lender. It is a privilege to help small business owners in Arkansas get the capital they need to build successful businesses for the benefit of their families and communities. The SBA loan program is essential in making it possible to meet these business owners’ needs, and we look forward to continuing to grow our SBA loan portfolio,” said Marcus Guinn, executive vice president and loan manager of Arvest Bank in central Arkansas.

The SBA is a government agency that provides support to small businesses, such as education and preparedness to apply for loans through banks or financial institutions. The SBA does not make direct loans to businesses, but acts as a guarantor on loans. Its mission is “to maintain and strengthen the nation’s economy by enabling the establishment and viability of small business and by assisting in the economic recovery of communities after disasters.”

Arvest attributes much of the SBA loan growth to the availability of the bank’s local lenders and those lenders’ knowledge of their individual markets. By working in partnership with the SBA programs, Arvest’s lenders can help business owners participate in programs they might not have known about on their own. 

Tags: Arkansas, Arvest Biz, Business Banking, SBA.gov
 

Considering an SBA Loan? — Questions to Ask Yourself

Wednesday, April 23 at 06:50 AM
Category: Business Banking

While the Small Business Administration (SBA) itself does not make loans, it does guarantee loans made to small businesses by banks, credit unions and other lenders who partner with SBA. SBA lenders are approved by the Small Business Administration to lend your business money. The SBA guarantees the loans that SBA lenders give to your business.

There are many benefits to an SBA loan. They include the following:

  • Lower capital requirements
  • No points or balloon payments
  • Longer amortization periods (up to 25 years on real estate 7(a) SBA loans)
  • Increased loan-to-value financing

The funds from an SBA loan can be used for nearly any need your business may have. This includes marketing expenses, machine upgrades, purchasing of inventory, regular operating expenses like salaries and utilities, debt refinancing, and facility renovations to name a few options.

The majority of for-profit businesses potentially qualify for an SBA loan. As a business owner, you should have money invested in your business.  Also having excellent personal credit scores will go a long way in helping you get approved. The SBA lenders want to see you have good character and will pay the loan back. Finally, make sure you have a quality business plan prepared for the lenders. In the plan explain the amount of capital you are requesting, show step-by-step how that money will be spent, and have a plan for how you plan to pay the loan back.

Before seeking financial assistance, here are some questions to ask yourself in order to evaluate your business’s financing needs:

  • Do you need more capital, or can you manage existing cash flow more effectively?
  • How do you define your need? Do you need money to expand or as a cushion against risk?
  • How urgent is your need? You can obtain the best terms when you anticipate your needs rather than looking for money under pressure.
  • How great are your risks? All businesses carry risks, and the degree of risk will affect cost and available financing alternatives.
  • In what state of development is your business? Needs are most critical during transitional stages.
  • For what purposes will the capital be used? Any lender will require that capital be requested for very specific needs.
  • What is the state of your industry? Depressed, stable, or growth conditions require different approaches to money needs and sources. Businesses that prosper while others are in decline will often receive better funding terms.
  • Is your business seasonal or cyclical? Seasonal needs for financing generally are short term. Loans advanced for cyclical industries, such as construction, are designed to support a business through depressed periods.
  • How strong is your management team? Management is an important element assessed by lenders.
  • How does your need for financing mesh with your business plan? If you don't have a business plan, make writing one your first priority. All lenders will want to see your business plan for the start-up and growth of your business.

For more information, contact your financial institution, or visit sba.gov.*

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Arvest Biz, Business Banking, SBA.gov

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