When it comes to getting a loan for your small business, it may not come down to who you know, but where you go. Banking Grades, a new grading tool from Philadelphia-based MultiFunding, found that some of the nation’s biggest banks have the worst performances when it comes to small-business lending. Meanwhile, banks that recorded the best small-business lending performances are the ones most entrepreneurs have probably never heard of.
The big banks (defined as those with deposits of more than $10 billion) that ranked the highest for small-business lending are:
1. Zions First National Bank, Salt Lake City. Grade: A (25.44 percent)
2. First-Citizens Bank & Trust Company, Raleigh, N.C. Grade: B (23.8 percent)
3. Synovus Bank, Columbus, Ga. Grade: B (19.25 percent)
4. Chase Bank Usa, National Association, Newark, Del. Grade: B (18.34 percent)
5. Bancorpsouth Bank, Tupelo, Ms. Grade: B (17.13 percent)
6. Wells Fargo Bank Northwest, National Association, Ogden, Utah. Grade: B (13.71 percent)
7. Arvest Bank, Fayetteville, Ark. Grade: B (12.82 percent)
8. Whitney Bank, New Orleans, La. Grade: B (12.02 percent)
9. Capital One Bank (Usa), Glen Allen, Va. Grade: B (11.85 percent)
10. Tcf National Bank, Sioux Falls, S.D. Grade: B (11.49 percent)
Photo by Billy Brown