Tag: achieves

Summit Bank Achieves Top Position as Number One Small Business Administration (SBA) 7(a) Lender in Oregon

EUGENE, Ore., August 09, 2023–(BUSINESS WIRE)–The United States Small Business Association data is in and Summit Bank has achieved the number one position in the State of Oregon as the Small Business Administration (SBA) top lender for production. In the SBA fiscal year, Summit Bank facilitated a total of $30,709,900 in 7(a) loans. This significant milestone underscores Summit Bank’s dedication to supporting local small businesses throughout the State while fostering economic growth within Oregon communities.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230809602299/en/

Summit Bank recently achieved a milestone for being the #1 Small Business Administration lender for 7(a) loans in State of Oregon (Graphic: Business Wire)

With a proven track record of commitment to small businesses, Summit Bank has demonstrated exceptional expertise and dedication to date for the year in providing vital financial resources to entrepreneurs and enterprises. This accomplishment solidifies the bank’s reputation as a trusted partner in the Oregon SBA business landscape.

According to Ashley Horner, Executive Vice President and SBA Division President of Summit Bank, “I couldn’t be prouder of our exceptional team for their hard work and dedication that has led Summit Bank to achieve the distinction of being the top SBA lender in Oregon. In these challenging economic times, it’s gratifying to assist small businesses in realizing their dreams and contributing to the local economy.”

This accomplishment is particularly noteworthy as it is based on the gross 7(a) loans approved through August 6, 2023, and measures success within the SBA fiscal year that began on October 1, 2023. Summit Bank’s success is a testament to its unwavering commitment to providing tailored financial solutions that cater to the unique needs of local businesses. By offering SBA loans and fostering relationships with entrepreneurs, Summit Bank has fueled growth and played

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Novuna Business Finance achieves rapid growth fuelled by new business surge and sustainable investment boost

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Strong new business volumes and a one-off gain from the revaluation of the Group’s investment in green energy provider GRIDSERVE resulted in record pre-tax profits for Novuna Business Finance.

The company, which specialises in providing asset finance solutions for SMEs and larger corporations across the UK, achieved pre-tax profits of £66.2m in FY22/23, up 165% from the previous year.

Leveraging its well-established routes to market, including broker, direct and manufacturer and dealer relationships, Novuna Business Finance achieved a 22% increase in new business, totalling £999.3m and benefitted from a one-off gain of £44.1m following the revaluation of a strategic investment in GRIDSERVE’S electric vehicle charging infrastructure to deliver a record performance.

Novuna Business Finance, which provides hire purchase, finance lease solutions, stocking finance and block discounting solutions for businesses, achieved an 8% increase in net earning assets, totalling £1.7billion this year which propelled its standing to become the third largest asset finance provider in the UK.

Despite the challenges posed by rising funding costs and an unfavourable economic climate, the company remained committed to its growth objectives by investing in diversified funding provisions, which accounted for 20% of new business volume.

Novuna Business Finance’s expanding Project Finance proposition, forged partnerships with SMEs, Community Energy Groups, and Fund Managers to drive revenue growth for the Group leveraging wider market opportunities in the sustainability sector.

The business continued to enhance its support for customers, making significant investments in cutting edge technology, accelerating digital onboarding and enabling instant funding decisions. The introduction of a revolutionary workflow automation tool for manufacturers and dealers resulted in over £4m in additional revenue.

Geoff Maleham, Managing Director at Novuna Business Finance, said: “Against a backdrop of rising cost of funds and a challenging economic climate, our business has achieved remarkable success, driven by unprecedented levels of new

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