Isle firms increase volume of SBA loans
Bank of Hawaii was the top local lender for the Small Business Administration in 2007
The U.S. Small Business Administration's Hawaii District Office gave out 35 percent more dollar volume in loans during fiscal year 2007, which ended last month.
"Our lending results for fiscal year 2007 are very encouraging, particularly when we see more activity from more lenders, many that are new to our territory, including several credit unions and several mainland banks that see SBA financing as a good product for their customers," said Andrew Poepoe, SBA district director.
According to SBA statistics, 26 lending institutions made over $54.5 million in 7 (a) or 504 loans to 407 small business borrowers. Nearly half of the loans, 46 percent, were made by mainland-based financial institutions.
Bank of Hawaii, which gave out 93 loans totaling $6.4 million in 2007, was the top SBA lender among category one banks for the fifth year in a row. Central Pacific Bank, which provided $2.86 million to 31 small business borrowers, was the top lender among category two banks.
First Hawaiian Bank increased its SBA loan volume by funding 42 loans totaling $5.5 million. American Savings Bank, which funded 24 business loans, doubled the number of SBA loans and tripled their dollar volume from 2006. Both Hawaii National Bank and Ohana Pacific made six SBA loans last year and Hawaii Community Federal Credit Union approved its first five SBA loans.
Three out of state lenders, Innovative Bank, Superior Financial Group and Business Loan Express provided SBA Community Express loans. The smaller, specialty Community Express loan program accounted for 25 percent of the total SBA 7(a) guaranteed loans.