The 504 Report - October 2006

Current Rates
October Bond Sale Rate: 6.266% (20 year fixed rate)
	504 rates continue their slight downward trend – the blended 504 / bank rate might win the deal for you!
	2005 Annual Meeting

	Tom Durrer, left, accepting the Top Lender Award on behalf of BB&T. BB&T made 21 first trust loans last year and has been our top first trust lender for six straight years.

	Tommie Critch- field, center, accepting the Top Lender Award on behalf of Cedric Spruill of Bank of America who was out of town at a bank meeting. Cedric moved from 2nd place last year to first place this year with 8 504 loans.

Successful Annual Meeting

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Business Finance Group held a successful Annual Meeting of the Members on Oct. 5th with over 100 in attendance. It was a chance to see old banking friends as well as connect with our SBA colleagues. We were pleased to have representatives from all three of the District Offices and from NADCO. Good friends, food, and spirits – a great combination for a great party!

Our Chairman announced the record breaking year-end numbers: 200 small businesses received $111 million in 504 financing to fund $290 million in projects. We expect over 2,200 jobs will result from the growth of these small businesses. BFG retained its 10th place standing nationally and it’s #1 ranking in the Mid-Atlantic as well as in each of the three SBA District Offices – Baltimore, Richmond and Washington.

Top Lender Awards

Steve Umberger, District Director with the Baltimore District Office helped BFG’s Chairman, Jim Scanlon present our top lender awards.

The top ten banking institutions were:
1. BB&T
2. Bank of America
3. SunTrust Bank
4. Access National Bank
5. Virginia Commerce Bank
6. Cardinal Bank
7. Commerce First Bank
8. First Citizens Bank & Trust Co.
9. Alliance Bank, Business Loan Express, and GE Gapital Corporation
10. Wachovia Commercial Mortgage

The top three individual lenders were:
1. Cedric Spruill - Bank of America
2. Gregory Motherall – Virginia Commerce Bank
3. Ted Argleben - CIT