Wells TMC top SBA Silicon Valley lenders
As published in the San Jose Business Journal Monday October 11 2010:
Wells TMC top SBA Silicon Valley lenders
Wells Fargo Bank and The Mortgage Capital Development Corp. topped the lists of government-backed lenders in Silicon Valley this past year arranging dozens of loans for operating expenses or real estate spending.
San Francisco-based Wells Fargo ranked No. 1 in the valley between Oct. 1 2009 and Sept. 30 of this year for the Small Business Administration’s “7(a)” loan program. Those loans can be used for daily operating costs machinery and furniture among other things.
The financial giant issued 91 such loans for a combined value of $31.9 million placing it No. 1 in both volume and value.
Wells also issued the second-most “ARC” loans — 23 for a combined value of $710100. Those loans provide up to $35000 to otherwise healthy companies that under the recent recession are now facing “immediate financial hardship” according to the SBA.
New York-based JPMorgan Chase Bank was the top ARC lender in the valley this past year with 33 loans at a combined value of $935100.
The Mortgage Capital Development Corp. meanwhile issued the most loans under the SBA’s “504” program. Companies can use those loans for real estate purchases and property construction and upgrades.
The San Francisco-based company also known as TMC Development issued 71 such loans for a combined value of $54.1 million placing it first in volume and value.
The second-ranked “504” lender in the valley San Francisco-based Capital Access Group Inc. made 51 loans for a combined value of $37 million.
TMC grabbed market share compared to the year ending Sept. 30 2009 when it ranked No. 3 in volume with 56 loans for a combined value of $48.9 million.
Oakland-based Innovative Bank ranked first in “7(a)” lending volume in the valley for the year ending Sept. 30 2009 with 122 loans. Banking regulators shuttered Innovative this past April and sold it to Los Angeles-based Center Bank.
The Silicon Valley region includes Santa Clara San Mateo Santa Cruz and Alameda Counties.
Read more: Wells TMC top SBA Silicon Valley lenders – Silicon Valley / San Jose Business Journal.