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Simmons Bank tops list of local SBA lenders

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Simmons Bank is still leading the pack in local U.S. Small Business Administration-backed loans, based on the number of loans in the year-end report released by the SBA’s Springfield office.

The institution had 51 loans in SBA’s fiscal 2016 totaling $21.7 million, followed by OakStar Bank with 44 loans totaling $22.5 million. Simmons also ranked first on Springfield Business Journal’s list of the largest SBA lenders in the five-county Springfield metropolitan statistical area in 2015 with 65 loans totaling $17.4 million.

According to the SBA report, which covers 28 counties in southwest Missouri, the number of loans approved between October 2015 and September increased marginally to 348 from 344 in SBA’s fiscal 2015. However, loan volume rose 38 percent from to $146 million from $105.8 million last year.

The new data snaps a two-year string of declines for SBA loan volume in the Springfield MSA, with 173 loans totaling $72.8 million, up 48.2 percent from $49.1 million last year. The recent peak in local SBA loans was $93.4 million in fiscal 2013.

“While we remained fairly steady on the number of loans over last year, we absolutely had a significant increase in dollar amounts,” SBA Lender Relations Specialist Eric Gholz said in the report. “This is largely due to an increase in average loan size. I am currently unable to speculate on what is driving this increase, but I will be looking deeper into the data this month.”

Other institutions in the Top 10, by number of SBA loans and total dollar amounts in southwest Missouri:
    •    The Bank of Missouri, 37, $7 million;
    •    Arvest Bank, 32, $4.8 million;
    •    Guaranty Bank, 29, $15.1 million;
    •    U.S. Bank, 23, $2 million;
    •    Rural Missouri Inc., 15, $6.7 million;
    •    Heritage Bank of the Ozarks, 12, $1.1 million;
    •    Live Oak Banking Co., 9, $21.1 million; and
    •    Mid-Missouri Bank, 8, $1.8 million.

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