1st Source Bank Receives SBA Gold Level Award
The U.S. Small Business Administration (SBA), Indiana District, for the ninth year in a row recognized 1st Source Bank with a Gold Level Award in the Community Lender category. The award honors 1st Source Bank for delivering the greatest number of SBA loans in the state of Indiana in 2021 among Community Banks with less than $10 billion in assets.
“At a time when small businesses needed us most, we were there for them,” expressed Ryan Bell, Vice President and Small Business Market Manager for 1st Source Bank. “We are proud to support our clients as they strive to start, grow, and expand their Indiana-based businesses during an unprecedented time.”
SBA approved 1371 loans for Indiana small businesses in the 7(a) and 504 programs in Fiscal Year 2021 (FY 21) ending September 30th. These SBA-backed loans provided an all-time record of more than three-quarters of a billion dollars at $759 million directly to entrepreneurs.
1st Source Bank is designated as a “preferred SBA lender,” which enables the bank to process SBA loans faster than non-preferred SBA lenders. 1st Source Bank has devoted over 157 years to serving small businesses and maintains a dedicated SBA Department to ensure the highest level of service to our clients.