From the Wires
Superior Financial Group Emerges as Nation's Top SBA Lender
By: Marketwired .
Dec. 2, 2009 05:00 PM
WALNUT CREEK, CA -- (Marketwire) -- 12/02/09 -- Superior Financial Group (SFG) today announced that it has taken over as the top SBA lender in the country, in terms of number of loans. This title had been previously held by Banking giants such as Bank of America or J.P. Morgan Chase. Superior Financial Group, a small, independent operation located in Suburban Walnut Creek, CA, produced 2,690 SBA (7a) loans totaling $27.1 million to entrepreneurs during SBA's fiscal year running October 1, 2008 to September 30, 2009. "This independent lender was able to outperform the larger, more established Banks by providing financial products to meet the needs of Main Street businesses providing capital and training to expand their business and hire new employees. In doing so, SFG has become the top SBA lender in the country," stated Bob Coleman, Founder of Coleman publishing. "This really is a story of David and Goliath," he added.
SFG was also the #1 lender in six of the Minority owned business groups SBA tracks, utilizing SBA's pilot program called "Community Express" which was designed to encourage lenders to reach the underserved minority borrowers and provide free technical assistance.
African American Community, SFG funded 459 loans, in contrast to the second place lender which funded 91. Women Owned Community, SFG funded 901 loans, in contrast to the second place lender which funded 378. Hispanic Community, SFG funded 197 loans or 10% of all SBA 7a loans to Hispanics. Native American Community, SFG funded 12% of all SBA 7a loans to Native Americans. Veteran Loans (Patriot Express Program), SFG funded 37%, 816 loans under the patriot express program, in contrast to the second place lender which funded only 46 loans. Export Loans (all 7a categories), SFG funded 90 loans, in contrast to the second place lender which funded 46.
According to Tim Jochner, President and CEO of SFG, the key to their success has been utilizing advanced technology and developing operational processes to reach and serve the underserved businesses on Main Street, while providing capital, training and support at affordable rates and terms. "We believe small business innovation and entrepreneurship will be the key to our economic recovery," he said. "SFG will continue to provide financial services at our nation's core, which has proven to create new jobs for America as they have in the past and will continue to do so in the future."
SFG is one of only 13 approved Small Business Lending Corporations (SBLC) federally regulated by the SBA, and provides more than just loans to the underserved business community. Additionally, SFG offers free online technical assistance and online training courses that specifically address the borrower's weaknesses. The courses even include a "how to" on writing a business plan, complete with a business plan writing template.
SFG's #1 status in lending to Minorities and total SBA loans is just an example of their leadership and commitment to small business Lending. For more information about Superior Financial Group or the loan programs that they offer, please visit: www.superiorfg.com.
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