Ridgestone state’s top SBA lender in 2016

Bank issues $91.8 million in loans

Brookfield’s Ridgestone Bank, which recently was acquired by Chicago-based Byline Bank, was the top U.S. Small Business Administration lender among Wisconsin banks last year, the federal agency said.

Ridgestone issued more than $91.8 million in SBA loans in fiscal 2016, which ended Sept. 30, the SBA said.

First Bank Financial Centre, of Oconomowoc, was next with $53.7 million in loans.

Ridgestone ranked sixth nationally and First Bank Financial Centre ranked 29th nationally in SBA loan dollars.

The top overall SBA lender in the state was the Wisconsin Business Development Corp., an organization whose goal is to help small business. Its loan tally was almost $105 million in fiscal 2016.

The SBA’s main lending program helps new and existing small companies by guaranteeing loans made by banks and other lenders. The SBA backing reduces the risk for the lender.

“SBA lenders, including banks, credit unions and community-based organizations, put capital with the SBA guarantee into the hands of small business owners,” Eric Ness, SBA’s Wisconsin district director, said in a statement. “These funds drive business expansion, fund new products and services, and increase employment, leading to stronger communities.”

Overall, SBA lending increased more than 8% last year to $656.8 million. There were 578 loans to new businesses, or about 36% of all SBA loans made in the state.

Other lenders recognized by the Wisconsin SBA for their efforts in fiscal 2016 were Park Bank, Holmen; Hiawatha National Bank, Hager City; Community State Bank, Union Grove; Waukesha State Bank, Waukesha; Wells Fargo, Milwaukee; Bank of Wisconsin Dells; Summit Credit Union, Madison: and Milwaukee-based Wisconsin Women’s Business Initiative Corp.