North Bay leaders in US Small Business Administration lending in 2019
Here are some of the people in the North Bay and beyond who help arrange U.S. Small Business Administration loans.
The information is provided by the subjects, and they are listed alphabetically by last name.
Years worked in the banking business: 8 years
Years at your present position: 5 years
Significant news at your company in the past year: In the past year, Bank of America has expanded our local team of small business bankers in the North Bay to help companies manage growth and plan for the future.
We are the #1 ranked small business lender in the country with $36.3 billion to small businesses, according to the FDIC, and a top lender in the SBA’s 504 and 7(a) Programs, with more than $275 million in combined SBA 504 and 7(a) loan volume in 2018.
Bank of America works with small business owners to understand their needs as a strategic partner offering guidance and finding the right financing based on their business priorities. Lending solutions we offer include business credit cards, lines of credit, term loans, commercial real estate loans, equipment financing, vehicle loans and leases, as well as SBA 7(a) and 504 loans.
We also equip small business clients with the latest mobile technology, Business Advantage 360, a digital dashboard providing a complete view of business cash flow and access to real-time expertise and guidance on your mobile phone; as well as Business Advantage Cash Rewards, the most comprehensive multi-product rewards program for business credit cards.
What small businesses don’t know about SBA loan programs, but should?
SBA Loans help businesses get financing with more flexible structures than conventional loans as well as expanding the opportunities for more credit.
The opportunity to get access to capital with often only 10% down allows borrowers the ability to preserve and improve liquidity.
We find that many small business owners do not realize that it’s not necessary to put your home up as collateral, or that the application for an SBA loan is just as easy as a conventional business loan.
Also, the terms on an SBA loan are typically longer, which lowers the monthly payments. Bank of America offers a fixed rate on SBA loans so that the rates do not increase over the life of the loan.
How has the pace of SBA loan applications changed in the past year?
Demand has grown and we have expanded the size of our small business banking team to give more localized support across the three counties.
More clients are feeling optimistic about the economy and growing their small business, so we are seeing that the intent to borrow has doubled over the previous year. For SBA loans in particular, Bank of America has streamlined its end-to-end process to reduce the time it takes to receive SBA loan funding, and loan production for SBA 7(a) and 504 products are up year over year nationwide.
Assess what you are hearing from clients about the climate for small business activity in the North Bay, more or less optimistic than a six month or a year ago? What’s the reason for any change?