YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

Guaranty loan pushes SBA district office over $7B

Posted online

The Kansas City District Office of the U.S. Small Business Administration reached a multibillion-dollar milestone, with a loan from Springfield-based Guaranty Federal Bancshares Inc. (Nasdaq: GFED) providing the final push.

The SBA district office, which covers the Springfield area, crossed the $7 billion mark in approved loans, after more than 65 years of helping small businesses with funding, according to a news release. The Guaranty Bank operator processed the final loan — in an undisclosed amount — for Neosho-based Ridge Road Farms. The company was issued the loan to raise puppies for retail sale and to construct kennels, according to the release.

In the district, Guaranty Bank also issued the most SBA-guaranteed loans, with 38, from Oct. 1, 2018, to July 8, 2019, according to the latest data provided by Michael McWhorter, lead lender relations specialist with the Kansas City office of the SBA. OakStar Bank was second in loan count with 37.

In terms of total loan amount during the same period, Guaranty ranked No. 2 with $10.7 million. No. 1 was OakStar, with $14.8 million, according to McWhorter.

Below are the top five lenders, ranked by loan amount, then loan count, for the roughly nine-month period ending July 8:
• OakStar Bank: $14.8 million, 37;
• Guaranty Bank: $10.7 million, 38;
• Simmons Bank, $6.9 million, 21;
• The Bank of Missouri, $3.7 million, 12; and
• U.S. Bank, $222,200, 12.

The SBA’s Kansas City District Office is scheduled to celebrate hitting the $7 billion threshold with an Aug. 29 event at the Missouri Sports Hall of Fame in Springfield, according to the release.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
From the Ground Up: Republic Intermediate School

The Republic School District is on track to open its Intermediate School for fifth- and sixth-grade students for the 2025-26 academic year.

Most Read
Update cookies preferences