News Column

Customers Bank Finishes in Top 10 Again Among Philadelphia Area SBA Lenders

August 28, 2014



By a News Reporter-Staff News Editor at Politics & Government Week -- Customers Bank once again ranks among the region's top 10 lenders for a significant loan program maintained by the federal Small Business Administration (SBA).

The most recent SBA Philadelphia District 7(a) Loan Volume Report for the period of Oct. 1, 2013 to June 30, 2014 reflects Customers Bank's No. 9 finish among 85 banks and other lending institutions in the Philadelphia metropolitan region. Customers Bank also finished in the top 10 in the district's report for the period of Oct. 1, 2012 to Sept. 30, 2013.

"Finishing in the top 10 for two consecutive reporting periods shows that we're achieving results as far as funding start-ups and small businesses in the Philadelphia region," said Richard Ehst, President and Chief Operating Officer for Customers Bank. "It's part of our overall plan to support and revitalize the communities we serve."

The 7(a) loan program is one of the SBA's primary lending programs to help finance existing small businesses and start-ups that are not able to obtain business loans through traditional lending channels. The 7(a) loans are the SBA's most basic, most commonly used, and most flexible type of loans.

The name of the program derives from section 7(a) of the Small Business Act, which authorizes the SBA to provide business loans to American small businesses. While loans are not provided by the agency directly, the SBA does guarantee a portion of loans made and administered by commercial lending institutions.

"These loans guarantee financing for a variety of general business purposes," explained Ehst. "For example, they may be provided for machinery and equipment, working capital, furniture and fixtures, or for the purchase or renovation of buildings or new construction. Making these loans accessible to small business owners is an ongoing focus of our bank."

Customers Bank has a loan production office at Progress Plaza -- Sullivan Building, 1501 N. Broad St.

Keywords for this news article include: Financial Services, Government Agencies Offices and Entities.

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Source: Politics & Government Week


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