Competition among Georgia’s SBA lenders is stiffening due to an increase of small-business bankers and an improving economy, according to some of Atlanta’s leading lenders.
Georgia’s top 50 small business lenders loaned 1,069 7(a) loans totalling more than $825 million during the 2013 fiscal year, according to Atlanta Business Chronicle research and the U.S. Small Business Administration, Georgia District Office.
The 7(a) Loan Guarantee Program helps small-business entrepreneurs start or expand their businesses by making capital available to them through bank and non-bank lending institutions.
Wells Fargo & Co., which tops the Atlanta Business Chronicle list of Georgia’s Top 50 Small-Business Lenders has increased its total dollar amount in the state by 81 percent and its total number of loans in the state by 38 percent during the last fiscal year.
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