Michigan National Bank Named 1996 SBA Lender of the Year

Michigan National Bank, a prominent financial institution in Michigan, has been recognized as the 1996 Michigan SBA Lender of the Year by the Small Business Administration. This prestigious award acknowledges the bank's commitment to facilitating business growth and development in the region. The bank's dedication to providing efficient and effective loan processing services has been instrumental in its success.

Key Takeaways:

• Michigan National Bank has been named the 1996 Michigan SBA Lender of the Year by the Small Business Administration.
• The bank's loan portfolio quality and increase in loan volume, particularly in minority communities, were key factors in its selection.
• The bank's CEO, Douglas E. Ebert, emphasized the importance of being a preferred lender for the SBA, allowing for faster and more efficient loan processing.
• The bank's director of SBA lending, Lee Fletcher, highlighted the aggressive sales effort of the bank's lending staff as a significant contributor to its success.
• Michigan National's SBA lending total more than doubled in 1996, reaching $20.3 million.
• The bank's loan volume included 40% of loans exceeding $500,000, which became permissible due to a 1996 SBA rule change.
• The average time from loan application to close is about one week, excluding real estate loans.

Statistics:

• 1996 SBA lending total: $20.3 million, up from $9.8 million in the previous year.
• 40% of Michigan National's loan volume exceeded $500,000 in 1996.
• Average time from loan application to close: one week (excluding real estate loans).
• Preferred lender status enables Michigan National to approve SBA guaranteed loans without agency consent, improving processing efficiency.

Sources:

• Michigan National Bank
• Small Business Administration