1st Source Bank has been ranked No. 1 among all banks in the state for the
number of Small Business Administration (SBA)—or 504—loans closed during the
last fiscal year, according to SBA figures.
1st Source received the No. 1 ranking out of more than 120 active SBA
lenders in the state.
1st Source Bank has also been recognized by the South Bend Business
Development Corporation (BDC) for its SBA lending in 2010. 1st Source closed
more 504 loans through the BDC than any other bank.
Additionally, 1st Source banker Ryan Fenstermaker was recognized for closing
more 504 loans through the BDC than any other individual.
A typical 504 loan includes a first mortgage from a bank for 50 percent of
the project cost; a second mortgage from a certified development company,
like the BDC, covering up to 40 percent of the cost and backed with a SBA
guarantee; and a 10 percent down payment from the small business borrower,
1st Source said in a statement released this week.
“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.”
1st Source Bank is a Preferred SBA lender which allows the bank to quickly
process 7a SBA loan requests for businesses looking to finance multiple
1st Source Corporation, parent company of 1st Source Bank, has assets of
$4.53 billion and is the largest locally controlled financial institution
headquartered in the Northern Indiana-Southwestern Michigan area. It
includes over 75 banking centers in 17 counties, 22 1st Source Bank
Specialty Finance Group locations nationwide, seven Trust and Wealth
Management locations and seven 1st Source Insurance offices.
1st Source common stock is traded on the NASDAQ Global Select Market under
“SRCE” and appears in the National Market System tables in many daily
newspapers under the code name “1st Src.” Since 1863, 1st Source has been
committed to the success of the communities it serves. For more information,