Charter One Ranks First in Small Business Lending in Michigan and the Midwest

Strategic Insights -

Charter One Bank announced it has been named the No. 1 small business lender in Michigan and the Midwest by the U.S. Small Business Administration (SBA) for the fiscal year 2005, providing 955 loans valued at $53.9 million to small businesses in Michigan. This marks the first time Charter One has become the leader in SBA lending, following its enhanced focus on small business lending to better serve its customers. The bank was acquired by Citizens Financial Group, Inc. last September, a leading SBA lender in the New England and Mid-Atlantic regions.

Key Takeaways:

  • Charter One provided 955 loans valued at $53.9 million to small businesses in Michigan in fiscal year 2005, leading its competitors by 524 loans.
  • This marks the first time Charter One has become the leader in SBA lending, following its enhanced focus on small business lending.
  • The bank was acquired by Citizens Financial Group, Inc. last September, a leading SBA lender in the New England and Mid-Atlantic regions.
  • Oakland Steel Inc., a small business in Troy, Michigan, was able to secure an SBA loan from Charter One, enabling the business to thrive and expand its workforce.
  • Charter One's commitment to small business lending has helped a record number of small business owners realize their dreams over the past 12 months.
  • The bank has established an aggressive small business initiative since September 2004, providing personal service and understanding the needs of small business owners.

Statistics:

  • 955 loans provided by Charter One to small businesses in Michigan in fiscal year 2005.
  • $53.9 million in loan value provided by Charter One to small businesses in Michigan in fiscal year 2005.
  • 524-loan lead over its nearest competitor in the SBA lending market.
  • 623% increase in sales by Oakland Steel Inc. under the ownership of David Farmer.
  • 124 branches and 164 ATMs in Michigan operated by Charter One Bank.

Sources:

  • Charter One Bank announcement (PRNewswire, Oct. 18)
  • Interview with Sandra Pierce, President and CEO of Charter One Bank, Michigan
  • Interview with David Farmer, owner of Oakland Steel Inc.
  • SBA's Michigan office, Richard Temkin, District Director.