Among local SBA lenders, IberiaBank is at the top.
According to Business Report’s latest ranking of Small Business Administration loan lenders, IberiaBank ranks No. 1 for the value of loans issued through the first quarter of the fiscal year that runs from Oct. 1, 2016 to Sept. 30, 2017. The first quarter ended Dec. 31.
Iberiabank administered four SBA loans valued at $5.1 million.
Regions Bank ranked No. 2 with three SBA loans valued at roughly $4.2 million, with JPMorgan Chase following at No. 3 with 13 loans valued at $3 million. Gulf Coast Bank & Trust and First NBC Bank round out the top five.
Louisiana beauty salons, women’s clothing stores, physician offices and other small businesses were approved for $47 million in SBA loans during the first quarter of this fiscal year, according to the latest data provided by the SBA’s New Orleans office.
A total of 68 loans have been approved during the quarter. Of those, 34, or roughly $13.5 million, went to startups that created 192 jobs and retained another 145 jobs. Loans to startups ranged from $25,000 and $2.5 million and averaged about $398,000.
“About 80 percent of establishments started in 2014 survived until 2015, the highest share since 2005, and about half of all establishments survive five years or longer,” an SBA news release says. “These numbers are important because at SBA we love it when businesses get started and we love it when businesses grow. Ensuring success is our goal.”
SBA loans are administered through both traditional and nontraditional lenders. In fiscal year 2016, the SBA guaranteed 402 loans worth $189 million to Louisiana small businesses.
See the current issue of Business Report for the full ranking of SBA lenders in Louisiana, by value of SBA loans. The issue also includes a ranking of staffing services and employment agencies by the number of local, in-house staff.
