National Bank is on Crain’s list of Small Business Administration’s Top Lenders
Consumers National Bank is listed among the Small Business Administration’s Top 7(a) Lenders in Northern Ohio in Crain’s Cleveland Business January 2022 issue of the magazine. The list ranked Small Business Administration (SBA) lenders by the total value of loans approved in fiscal year 2021. Consumers Bank ranked third in total loans and fifth in total value of loans. loans issued in the district of Cleveland.
Consumers National Bank issued 43 loans in fiscal year 2021, an increase of 79.2% over fiscal year 2020, for $16.8 million, an increase of 201.6% over the previous year. These loans supported 912 jobs, a 170.6% year-on-year increase according to the report.
“Consumers have earned a solid reputation for selectively using SBA programs when developing financing packages for small businesses in Northeast Ohio. Ranking-rated 7(a) loans add the bank’s participation in the SBA’s Paycheck Protection Program, through which we issued 1,554 loans over the past two fiscal years The investments we’ve made in the SBA program are making a real difference for businesses of our communities,” said Scott Dodds, Executive Vice President and Senior Director of Loans at the bank. “Sean Ulik, our Government Loan Program Manager, helps our loan team navigate various SBA and other related programs to the government to structure financial arrangements that allow borrowers to effectively achieve their objectives. Our experience and skills allow a community bank area of $950 million to rank among the major regional and national banks and non-bank lenders”
Consumers Bank was also listed as a lender on the eleventh largest SBA 504 loan in northern Ohio. The $3.66 million loan funded the construction of the K-1 Speed Indoor Go Kart racing facility in North Canton.
“We use SBA programs for a number of reasons,” Ulik said. The SBA can reduce capital requirements for equipment purchases and expansions, lock in lower long-term interest rates on owner-occupied commercial real estate projects, and assist with business acquisitions. The programs make good quality loans more feasible for our small business customers. Learning to use them effectively has made our team better lenders and advisors,” he continued.
Read the article in Crain’s Cleveland Business at https://www.crainscleveland.com/business-lists/huge-increases-sba-lenders-list-driven-massive-national-rebound
Consumers National Bank has previously received five Top Community Bank SBA Lender Awards (2016 – 2020) and one Top Five Lender Award (2021) from the Cleveland District Office of the US Small Business Administration. The Top Community Bank Lender Award honors the bank’s outstanding performance in SBA 7(a) and SBA Express lending. In each of the five years, Consumers National Bank ranked first among community banks in the 28 northern Ohio counties served by the Cleveland SBA office. The Top Five Award includes the top five banks in all categories and sizes—large as well as community banks—in 28 northern Ohio counties by SBA 7(a) loan volume.
Bancorp Consumers Inc. published this content on February 02, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on February 02, 2022 14:58:08 UTC.