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Monday, January 5, 2015

Banks in Washington State Increased Lending to Women-Owned Businesses By 41 Percent in 2014

Banks in Washington State Increased Lending to Women-Owned Businesses By 41 Percent in 2014
A recent article published in the Puget Sound Business Journal reported that banks across all counties in the state of Washington had a banner year in 2014 in lending to small business owners. The most significant was a 41 percent increase in loans to small businesses owned by women.

Increases reported all across the state

Across all counties in the state of Washington and flowing into counties in northern Idaho, small business lending was up 4 percent. So, who are all these banks and why are they lending so much money to small businesses?

Top 5 lenders in Washington

#1 US Bank - did 250 loans with each loan averaging $176,681
#2 Banner Bank - did 123 loans averaging $160,348
#3 Wells Fargo - did 116 loans averaging $308,344
#4 Mountain West Bank - did 95 loans averaging $310,435
#4 Heritage Bank - did 62 loans averaging $345,403

Reasons cited for increase in loans

Many reasons were given for the increase in loans to small business owners in Washington state. The primary reason cited was zero fees. In late 2013, the SBA announced that on general business loans to small businesses under $150,000 made after October 1, 2013, the fees will be set at zero percent. On any loan greater than $150,000 with a maturity of one year or shorter, the fee is 0.25 percent of the guaranteed portion of the loan. These zero and low fees have attracted many small businesses.

Another reason cited is that Washington state, especially Seattle, has a strong small business climate. Restaurants and hotels represented the largest category for small business loans in 2014.

Read more at www.bizjournals.com/seattle/blog/2014/12/washington-state-small-businesses-get-big-boost.html?page=all


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