The U.S. Small Business Administration’s Michigan District Office is pleased to announce its fiscal 2016 lender awards. The awards are given in recognition of overall support of the SBA loan guaranty programs each year. Huntington National Bank was named Michigan Lender of the Year, SBA’s award for the best overall performance. Consideration was given to volume, increases in dollar amount, area coverage, and participation in SBA programs and community activities. Huntington National Bank originated loans totaling $32.58 million in fiscal 2016. This is the eighth year in a row that Huntington Bank has won this prestigious award. Runners up include Comerica Bank, Chemical Bank, and Chase Bank.
“Our lending partners play a critical role in helping small businesses get the financing they need to start and grow their businesses,” said Constance Logan, SBA Michigan District Director. “We are pleased to recognize their commitment to growing Michigan’s economy.”
Also recognized this year is the State Bank as the Community Lender of the Year. This award is given for best overall performance among Michigan-based, non-preferred lenders and is based on total volume, new market activity, and comparison with historical performance. State Bank originated 24 SBA loans totaling $8.93 million. It has shown steady growth and broad usage of all of SBA’s products.
Other award winners include Comerica Bank as the Business Development Lender of the Year. This award goes to the institution with the largest increase in loan approvals. In fiscal 2016, Comerica Bank showed strong growth with a 124 percent increase in the number of loans totaling $47 million.
Chase Bank was named the 504 Third Party Lender of the Year. This award is given in recognition of the best overall support of SBA’s 504 loan program. Chase originated 23 loans totaling $9.5 million. Chase Bank was also selected as the Diversity Lender of the Year for the best overall performance in supporting new market businesses, including minorities, women, and veterans. Chase was selected for its percentage of SBA loans that went to new markets and its support for the full diversity of the population in fiscal 2016.
The SBA District Director’s Award goes to Northern Initiatives, a non-profit Community Development Finance Institution that provides loans to small business owners and entrepreneurs in Northern Michigan. The organization was chose for exceptional support of SBA programs in the Michigan District. It is the most active SBA Community Advantage lender in the state, having approved 11 Community Advantage loans for $1.7 million. Northern Initiatives also provides microloans, in part funded by the SBA and approved 33 loans for $833 million in fiscal 2016.
The top ten best performing 7(a) lenders in Michigan are based on number of loans approved. The data is compiled by holding company.
LENDER NAME # LOANS $ LOANS
THE HUNTINGTON NATIONAL BANK 1,074 163,938,400
COMERICA BANK 139 32,585,500
CHEMICAL BANK 124 42,587,400
JPMORGAN CHASE BANK NATL ASSOC 124 21,056,400
CITIZENS BANK NATL ASSOC 93 14,978,600
FIFTH THIRD BANK 90 25,811,500
CELTIC BANK CORPORATION 44 15,198,000
FIRSTMERIT BANK, N.A. 39 6,219,600
PNC BANK, NATIONAL ASSOCIATION 32 6,123,400
HORIZON BANK NATL ASSOC 30 5,904,200
In fiscal 2016, the Michigan District Office guaranteed 2,625 loans totally $837 million with 135 lenders using SBA loan programs.