Mac Wilcox, President & CEO of Savoy Bank: “We’ve worked with Shannon and her team since the inception of our SBA program, and they have played an important role in advising us in all areas, including loan eligibility, servicing, and secondary market sales,” says Mac Wilcox, President & CEO of Savoy Bank, a New York City-based bank and one of the 100 Most Active SBA 7(a) Lenders. “They are responsive, practical, and knowledgeable and have been critical to the growth of our SBA lending.”
Situation: A bank in New
Jersey, who had previously been active in the SBA market, lost their
lending team but wished to continue to service their existing portfolio
as well as grow the portfolio.
Outcome: Lyra Lender Services was contracted which resulted in first year loan volume production in excess of $20,000,000
Situation: A community
bank in Pennsylvania was looking to enter the SBA market on a case by
case basis but did not want the overhead involved with hiring an SBA
department since they were not committed to specific volume production.
Outcome: The bank engaged Lyra Lender Services and has since established themselves as SBA lenders to their community and has successfully closed several loans all without the overhead involved with hiring an SBA Department.
Situation: A Bank had
an SBA Department that was underperforming. The bank had very high volume
SBA goals and was falling far short of achieving those goals.
Outcome: Lyra Lender Services was contracted and first year production exceeded $25,000,000 in SBA Volume.
Situation: A three-year-old
consumer products company wanted to expand operations in order to sell
their products in Europe, the Caribbean, South America, and Africa.
The company needed working capital to fund manufacturing costs in order
to increase sales.
Outcome: Lyra Lender Services secured a $400,000 loan to refinance existing debt and provide working capital, and a $350,000 line of credit.
Situation: One of the
region's fastest growing solar electricity generation and installation
companies needed more liquidity to continue their rapid growth.
Outcome: Lyra Lender Services secured a $350,000 line of credit to provide working capital and keep the company expanding.
Situation: A start-up
bio-fuel company needed financing to acquire and renovate real estate,
purchase equipment, and provide working capital. The venture was expected
to generate 20 direct jobs and 100 indirect jobs.
Outcome: Lyra Lender Services secured $6.3 million in financing through the Small Business Administration's 7A, Express and 504 loan programs in conjunction with the Commonwealth of Pennsylvania's Financing Authority, to get the venture off the ground.
Situation: An exporter
of commercial printing equipment needed additional working capital to
expand its sales in Asia.
Outcome: Lyra Lender Services secured a $1 million Export Working Capital Line of Credit and a $500,000 International Trade Loan through the Small Business Administration, helping the company double in size.