Chattanooga-based Cornerstone Community Bank was recently presented with a Small Business Administration (SBA) “Lender of the Year” award by the SBA Tennessee District Office. Cornerstone took top honors in the state for the SBA Small 7(a) category, the most common type of SBA loan used by small businesses for working capital, equipment purchases, land and building purchases, and even some debt restructuring.
According to recent statistics, small businesses represent 99.7 percent of all employer firms in the United States. They employ just over half of all private sector employees and have generated 64 percent of net new jobs over the past 15 years. Through the Recovery Act, temporary increased guarantees and waived fees have helped jump-start the SBA lending program and its popularity with small business owners.
“SBA loans have allowed us to help fill the credit gap for small businesses in this tight lending environment,” said Cornerstone Community Bank President & CEO Frank Hughes. “We’re proud to partner with small businesses in our community to help them achieve their business goals and also contribute to our local economy.”
Headquartered in Chattanooga and one of the area’s largest community banks, Cornerstone Community Bank has five branch locations throughout the Hamilton County MSA and one loan production office in Dalton, Ga.