January 22, 2024 (Madison, WI) – The U.S. Small Business Administration (SBA) has named Summit Credit Union a 2023 leading small business lender in two different categories.
Specifically, Summit received two awards for FY 2023; the most 7(a) loans by a credit union in Wisconsin and the greatest lender participation with 504 loans in Wisconsin. The credit union loaned more than $23,000,000 between these two SBA vehicles.
“Small business owners are a critical part of our community and economy and Summit Credit Union is proud to support so many small business members with loans and other tools and resources,” said Kim Sponem, President & CEO of Summit Credit Union. “Summit has been recognized by the SBA as a leading small business lender every year since 2011 and we look forward to earning this distinction for years to come.”
In FY 2023 Wisconsin lenders provided 964 7(a) loans totaling $482.1 million and 183 504 loans totaling $174.9 million. Summit made 34 7(a) loans totaling $7,419,600 and 14 504 loans totaling $15,838,826.
“SBA-supported lending contributes vital capital to Wisconsin’s small businesses with longer terms and other benefits,” says SBA Wisconsin’s District Director Eric Ness. “With more than 457,000 small businesses in Wisconsin and more than 170 SBA-approved lenders, there’s capacity for growth as businesses become ready for it.”
Summit Credit Union offers a comprehensive suite of business products and cash management services through our Business Relationship Managers at branches throughout Wisconsin.
Photo available upon request.
