FAYETTEVILLE, Ark. – Arvest Bank reported a spike in Small Business Administration (SBA) loan activity for the second consecutive year in 2015, with a 23 percent increase in loan approvals and a 45 percent jump in loan volume.
Arvest’s 7(a) loan approvals for the SBA fiscal year ending Sept. 30, 2015, was 187. That’s up from 152 in 2014. These loans are the SBA’s primary means for helping startup and existing small businesses deal with a variety of general business purposes.
The bank’s SBA 7(a) loan volume, meanwhile, was $49.7 million in 2015, up from $34.2 million in 2014. The 2015 volume is Arvest’s highest since it had $41 million in 2012
Arvest understands the importance of small businesses not just in the communities we serve, but to the national economy as well. That’s why Arvest is committed to helping such businesses in our markets whenever possible.
Arvest’s SBA growth is similar to what has transpired on a national scale. According to the SBA, more than 63,000 7(a) loans were made in its fiscal year 2015 totaling $23.6 billion. Those are increases of 22 percent and 23 percent, respectively, over fiscal year 20141.
Arvest also remains an SBA-preferred lender, meaning that the process is streamlined for applicants. Small business owners who need to explore financing options should talk to an SBA-approved lender who can offer them a complete range of available options.