WSFS Bank Ranked #1 Among SBA Lenders in Greater Philadelphia and Delaware Based on the Amount of Local SBA 7(a) Loans

Rhea-AI Summary

WSFS Bank has been recognized as the top SBA lender in the Greater Philadelphia and Delaware region, based on 2022 fiscal year data. The bank provided $65.81 million in local 7(a) loans to 77 small businesses, demonstrating its commitment to aiding local entrepreneurs. The loans, which can reach up to $5 million with flexible repayment terms, are crucial for supporting small business growth. As of September 30, 2022, WSFS Financial Corporation holds $20 billion in assets and operates from 119 offices across multiple states, emphasizing its significant role in the financial landscape.

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• Ranked first among SBA lenders in Greater Philadelphia and Delaware.
• Provided $65.81 million in local 7(a) loans to 77 small businesses.
• Loans offer up to $5 million with flexible terms of 10-25 years.

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• None.

WILMINGTON, Del., Dec. 08, 2022 (GLOBE NEWSWIRE) -- WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), is pleased to announce it has been ranked first among U.S. Small Business Administration (SBA) lenders in the Greater Philadelphia and Delaware region based on the amount of local SBA 7(a) loans.

The rankings are based on SBA 2022 FY 7(a) lender activity in Berks, Bucks, Chester, Delaware, Lancaster, Lehigh, Montgomery and Philadelphia counties in Pennsylvania; Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer, Ocean and Salem counties in New Jersey; and Kent and New Castle counties in Delaware.

“Small businesses are the backbone of their communities, and have proven to be nimble, resilient and innovative as they’ve overcome numerous obstacles in recent years,” said Candice Caruso, Senior Vice President, Chief Retail Lending Officer at WSFS Bank. “WSFS is well-equipped to help businesses nationwide obtain the funding needed to grow their businesses. I’m extremely proud of our team, who work closely with our Customers to provide unmatched local service and options tailored to meet their unique needs.”

WSFS’ SBA team provided $65.81 million in local 7(a) loans to 77 local small businesses to help them grow and thrive. SBA 7(a) loans provide small businesses with flexible borrowing options, with loans up to $5 million and repayment terms of 10-25 years at modest rates.

About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in Delaware and the Greater Philadelphia region. As of September 30, 2022, WSFS Financial Corporation had $20.0 billion in assets on its balance sheet and $61.4 billion in assets under management and administration. WSFS operates from 119 offices, 92 of which are banking offices, located in Pennsylvania (61), Delaware (39), New Jersey (17), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, Cypress Capital Management, LLC, NewLane Finance^®, Powdermill^® Financial Solutions, West Capital Management^®, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

Media Contact:
Eric Springer
(215) 864-1778  
espringer@wsfsbank.com

FAQ

What significant recognition did WSFS Bank receive recently?

WSFS Bank was ranked first among SBA lenders in the Greater Philadelphia and Delaware region.

How much did WSFS Bank provide in SBA 7(a) loans?

WSFS Bank provided $65.81 million in SBA 7(a) loans to local businesses.

How many small businesses benefited from WSFS Bank's loans?

A total of 77 small businesses received loans from WSFS Bank.

What are the terms of the SBA 7(a) loans from WSFS Bank?

The SBA 7(a) loans can go up to $5 million with repayment terms of 10-25 years.

What is the total asset value of WSFS Financial Corporation?

As of September 30, 2022, WSFS Financial Corporation had $20 billion in assets.