Ocean Bank recently ranked as the top SBA 504 program producer in the tri-county area during the fiscal year ending Sept. 30, 2021, with 40 approved loans totaling $18.9 million. It is also is ranked in the top 25 SBA 504 producers nationwide among all 1,859 participating banks.
“The SBA designation is especially significant since small business is the backbone of the South Florida economy,” says Senior Vice President Anelu Moreira (pictured), who was appointed in 2020 to head the SBA lending unit. “Ocean Bank is proud to serve this important segment of our community.
Along with the SBA program, Ocean Bank made more than 100 small business commercial loans totaling $23.3 million from January to October 2021. The SBA 504 program provides long-term, fixed-rate loans to small businesses at below-market interest rates. The loans of up to $5 million are intended for purchasing owner-occupied commercial real estate or large equipment.
“Ocean Bank is now also processing SBA 7(a) small business loans to help small businesses that can’t qualify for conventional commercial loans, with SBA guarantees of up to 85% of the loan,” Moreira says.