Powered both by local growth and regional expansion, the area's top community banks ramped up their small business lending by more than a third in the past year.
A Business Journal analysis of FDIC call reports shows the top 10 locally based small business lenders booked US$939m of loans worth US$1m or less in the year ended 30 June. A year ago, the same 10 banks handled US$691m.
Topping the list of fastest growers is Cool Springs-based Tennessee Commerce Bank. Its US$136m in small business loans in the year to June was a 145 per cent increase over the previous 12 months.
CFO Lamar Cox says most of the local loan demand comes from business expansion and equipment purchases, the two most common banking needs for small businesses.
