WSFS Bank’s SBA Team Helps Small Businesses Get the Funding They Need, Earns Recognition for 2021 Loan Volume
running-a-business | Read Time: 3 minutes
By Eric Springer | Published: November 2021
The U.S. Small Business Administration (SBA) recently released their regional and national fiscal year 2021 rankings, and WSFS Bank continues to shine supporting small businesses!
In Delaware, the team led all lenders with $12.6 million in loans and was second in the state in loan originations, while placing third in New Jersey for dollar amount and loans originated.
And in eastern Pennsylvania, the WSFS SBA Team earned a second place ranking in dollar amount and was fourth in loans originated.
Nationally, the WSFS SBA Lending Team was named to the list of 100 most active SBA 7(a) lenders in the U.S., originating 186 loans (#44) for nearly $146 million (#58)!
“I am incredibly proud of our team’s continued efforts to support the lending needs of small businesses throughout the Greater Philadelphia and Delaware region,” says Candice Caruso, Senior Vice President, Director of Government Guaranteed Lending for WSFS Bank. “Nationally, our team has extended its reach and success though lending in additional markets, including 48 loans through our National Franchise Lending program and our SBA extended bank footprint. These rankings are a testament to all the hard work and relationships our team continues to build.”
SBA 7(a) loans are a valuable option for small businesses, providing $10 billion to small businesses each year. The loans are flexible, and as an SBA-preferred lender, WSFS Bank is equipped to help businesses nationwide fund their capital and growth needs.
“We’ve seen many success stories in 2021 and are excited for 2022,” says Caruso. “From helping a father-daughter team open a Club Pilates franchise to providing educational resources for creating generational wealth and helping Customers navigate PPP loan forgiveness, our team has been at the forefront of small business development in the region.”
Paycheck Protection Program (PPP) loans were a critical bridge for many small businesses during the pandemic, and WSFS played a crucial role. “Our role as a locally headquartered community bank is to focus on what’s best for our Associates, Customers and the community,” says Caruso. “Part of our values is doing what is right and serving others. During phase one of PPP, WSFS dedicated more than 200 Associates to work on Paycheck Protection Program applications. As a result of the tireless effort of our Associates, we secured approvals for more than 5,000 PPP loans worth nearly $1 billion. These businesses employ about 100,000 people in the region and include many minority and women-owned businesses.”
And as businesses look for long term growth opportunities, WSFS Bank’s SBA Lending Team is ready to continue serving their Customers.
“Many small businesses had to adapt and change how they operated during the pandemic,” adds Caruso. “As they emerge from pandemic restrictions and apply their new operating models for the long term, we’re here to help them navigate the entire SBA loan process, from consultation to origination, funding and repayment.”
Click here to learn more about WSFS Bank’s SBA Lending Program.
About the Author – Eric Springer
Eric Springer is Assistant Vice President, Integrated Communications Manager at WSFS Bank. He brings more than 15 years’ experience in corporate communications and marketing for banking, professional services and nonprofit organizations.
How WSFS Bank Leveraged Technology Investments and a Strategic Partnership to Help Customers Obtain PPP Loan Forgiveness
When the COVID-19 pandemic emerged and forced parts of the country into a lockdown, small businesses were among those hit the hardest, as their daily operations were disrupted or shut down altogether.Read More
José Fernandez Leverages His New Banking Relationship to Establish Atilio’s Construction as a Go-To Contractor in Delaware
Two decades ago, José Fernandez was working as a handyman for a local company in Delaware with his eyes toward the future after working with a local contractor. “I decided to pursue real estate and transitioned to working as a realtor,” said José. “But then the economy and housing market crashed.”Read More
Cash Flow Tips to Help Your Business Post-Pandemic
It’s no secret that the COVID-19 pandemic forced a surge in technology adoption across numerous industries. However, despite the availability of technology-driven forms of payment such as credit cards, P2P, and mobile wallets, a recent nationwide study by Cash Connect and One Poll revealed that out of 1,500 people surveyed, 40% prefer to use cash as their payment method. Furthermore, 51% of respondents agreed that using cash helps them budget their money, underlying the notion that cash remains a mainstay. Knowing these preferences amongst consumers, it’s imperative that businesses continue to make cash payments a priority.Read More
Father-Daughter Duo Teams Up with WSFS Bank to Open Club Pilates Franchise
As he approached retirement after 30 years with the U.S. Department of Alcohol, Tobacco and Firearms (ATF), Greg Wright was looking ahead to how he would transition careers with two daughters in college. “I have a close friend who is also a franchise broker who helps entrepreneurs connect with franchise brands and lenders,” says Greg. “He was always mentioning franchising to me as an option, but none of the options really stood out as something that interested me.”Read More
Tips for Using a Credit Card for Your Small Business
When it comes to credit for a small business, loans are typically the first options that come to mind. Small business loans are great options for infusing capital into a small business or to finance a property purchase, equipment or other operating needs.Read More