SOUTH BEND – 1st Source Bank has been ranked No. 1 among all banks in Indiana for the number of Small Business Administration 504 loans closed in the last fiscal year.
In addition, 1st Source has been recognized by the South Bend Business Development Corp. for its SBA lending in 2010. The bank closed more 504 loans than any other bank. At the same time, 1st Source banker Ryan Fenstermaker was recognized for closing more 504 loans than any other individual.
504 loans includes a first mortgage for 50 percent of the project cost, a second mortgage from a certified development company covering up to 40 percent of the cost and backed with an SBA guarantee, and a 10 percent down payment from the borrower.
“1st Source’s top ranking demonstrates our commitment to helping businesses grow and succeed,” said Joe Kuzmitz, senior vice president of 1st Source Business Banking. “SBA loans are a valuable option. We have been a top SBA lender for years. As such, we have developed a strong understanding so we can simplify the process for our clients.”