Helping more than 40 small businesses in western Pennsylvania, First Commonwealth Bank achieved the ranking of the # 1 SBA lender, in dollars loaned, in the Pittsburgh District for the federal fiscal year that ended September 30. The Pittsburgh SBA district encompasses 27 counties in western Pennsylvania.
“This is an area where we are way above our weight class, and we’re delighted to see that the rankings reflect the hard work of our team,” CEO Mike Price said of SBA’s production. First Commonwealth. “We continue to work to improve ourselves a little each year to help provide the kind of financial solutions and banking relationships that small businesses in our communities need to be successful. We are very grateful to the business owners who have trusted our bank.
With a total of $ 50.9 million in 7 (a) loans distributed in the Pittsburgh District, First Commonwealth topped its total of $ 21.4 million in loans disbursed in 2020, an increase of almost 240% .
Funding up to a maximum of $ 5 million per loan, “The 7 (a) Loan Program is the SBA’s primary program for providing financial assistance to small businesses. The terms and conditions, like the percentage of collateral and the loan amount, can vary depending on the type of loan, ”according to the SBA website.
First Commonwealth fully integrated its SBA program in 2018 and quickly rose to the top five lenders in the Districts of Pittsburgh, Cleveland and Columbus (including Cincinnati). The institution also provides SBA loans in Florida and Texas, bringing the total of First Commonwealth’s 7 (a) loans distributed to nearly $ 117 million and a ranking of the nation’s top 75 lenders for the ‘exercise.
“At First Commonwealth, all of our departments work together to become the best bank for business. Everyone who touches our SBA business has helped us achieve these proud rankings. Our SBA lenders, our underwriting team, our portfolio specialists, our credit analysts and many more, ”said Jeff Rosen, director of small business loans.
“We also continue to make significant gains on our SBA results in our Ohio metro areas. I can also see us following a similar trajectory in these rankings. “