First Service named SBA’s Top Lender of the Year | News

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The Small Business Administration recently honored First Service Bank with Arkansas’ Best Lender of the Year award among institutions with assets under $500 million.

First Service Bank was among the dedicated statewide lenders that the SBA District of Arkansas office honored with awards celebrating achievements in SBA-backed business lending in fiscal year 2021.

“This is an outstanding achievement and a testament to the hard work and dedication of our team,” said President and CEO Tom Grumbles.

Total SBA lending under the 7a, 504, and microloan product lines grew 64% in FY21, reflecting lender uncertainty and dependence on collateral. the SBA for larger loans. This enabled lenders to provide $208.9 million to small businesses in an uncertain economic climate.

First Service Bank was among six lenders recognized by the SBA for their success in administering these loans to Arkansas small business owners. First Service has issued 13 7(a) loans totaling nearly $8 million.

The 7(a) loan program, SBA’s most common loan program, includes financial assistance for small businesses with special needs. It’s the best option when real estate is part of a business purchase, but it can also be used for short and long-term working capital, to refinance existing business debt, and to buy furniture, fixtures and supplies.

According to the SBA, elements critical to the survival of small businesses in Arkansas in FY20 were included in the CARES Act. The legislation funded loans for eligible businesses impacted by the COVID-19 pandemic, funding both loans under the Paycheck Protection Program (PPP) and the COVID Economic Disaster Loan Program -19 (EIDL).

In 2021, Arkansas and national lenders continued to support small businesses through the second round of Paycheck Protection Program funding, providing 61,701 PPP loans totaling more than $1.75 billion in relief funding. COVID.

“I want to thank our SBA lenders for their commitment to our Arkansas small businesses and congratulate the seven winners on their successes in FY21,” said SBA Arkansas District Manager Edward Haddock. . “Conversations with representatives of these banks are touting the triumphs and ease of processing PPP loans and forgiveness and the excitement of returning to traditional loans now that these programs have expired. To date, in FY22, banks are exceeding their SBA-backed lending targets, reflecting a more stable economy in Arkansas and increased confidence in SBA programs as small businesses grow. straighten.

To learn more about SBA financing programs, visit sba.gov.

First Service Bank, headquartered in Faulkner County, has been in business for over 60 years with offices in Clinton, Conway, Dermott, Flippin, Greenbrier, Little Rock, Mountain View, Shirley and Yellville. For more information, visit firstservicebank.com.

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