A strong leader in small business lending, 1st Source Bank ranked No. 1 among all banks in the state for the number of Small Business Administration, (SBA), 504 loans closed during the last fiscal year, according to SBA figures. 1st Source received the No. 1 ranking out of more than 120 active SBA lenders in the state.
1st Source Bank has also been recognized by the South Bend Business Development Corporation, BDC, for its SBA lending
in 2010. 1st Source closed more 504 loans through the BDC than any other bank. Additionally, 1st Source banker, Ryan Fenstermaker, was recognized for closing more 504 loans through the BDC than any other individual.
A typical 504 loan includes a first mortgage from a bank for 50 percent of the project cost; a second mortgage from a Certified Development Company, like the BDC, covering up to 40 percent of the cost and backed with a SBA guarantee; and a 10 percent down payment from the small business borrower.
“1st Source’s top ranking demonstrates our commitment to helping businesses grow and succeed,” said Joe Kuzmitz, Senior Vice President of 1st Source Business Banking. “SBA loans are a valuable option. We have been a top SBA lender for years. As such, we have developed a strong understanding so we can simplify the process for our clients.”
1st Source Bank is a Preferred SBA lender which allows the bank to quickly process 7a SBA loan requests for businesses looking to finance multiple business needs.