Midwest Capital Corporation Announces Record First Quarter SBA Loan Production
Midwest Capital Corporation's new SBA Loan Packaging Program is helping smaller banks compete for a bigger piece of the Small Business market.
(PRWEB) May 23, 2007 -- Midwest Capital Corporation's (www.MidwestCapitalCorp.com) new SBA Loan Packaging Program is helping smaller banks compete for a bigger piece of the Small Business market.
Since introducing its new Small Business Loan Packaging Service at the beginning of 2007, Midwest Capital Corporation has assisted its client-banks generate 13 SBA guaranteed loans totaling over $8.7 million dollars.
According to company president Steven Young, "The demand for our program continues to grow as we share its benefits for our bank-clients and their borrowers." Midwest Capital Corporation offers an out-source process for SBA loans which includes application preparation, eligibility compliance, loan submissions and authorization (approval). Once the loans are closed, the company also facilitates the sale of the guarantees portion of the loans into the secondary market.
Generating small business loan volume is important for most small banks. This segment of business lending is considered to be the fastest growing and the leading contributor to employment growth.
"The immediate and most tangible result of the program is that smaller banks can now originate and close more SBA guaranteed loans," he said. But according to Young, this may not be the only motive for signing up for his service. There is an active investor market for the guaranteed portion of these SBA back loans referred to as the Secondary Market.
Once loans are closed, Midwest Capital Corporation facilitates the sale of the guaranteed portion of these loans to this Secondary Market. Sales of loans originated through the first four months of 2007 have generated over $547,000 in premium income and $65,000 in projected annual servicing fee income for Midwest Capital Corporation's bank-clients. "Our clients are learning that our integrated program can greatly enhance the overall profitability of their banks," he said.
Midwest Capital Corporation is a national, non-bank lender specializing in commercial real estate lending via conventional, SBA and Stated Income loan programs. Additionally, the company is an outsourced resource to community banks by providing marketing assistance, SBA loan packaging and Secondary Market sales for government guaranteed business loans.
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