November 23, 2009 (FinancialWire) — Heritage Commerce Corp (NASDAQ: HTBK), parent company of Heritage Bank of Commerce, announced that the U.S. Small Business Administration  ranked Heritage Bank of Commerce the third largest producer of SBA 7(a) loans, in terms of dollars loaned, in the San Francisco District Office.

From October 1, 2008 through September 30, 2009, the bank funded over $19 million of SBA loans in the communities in which it serves. Heritage Bank of Commerce ranked 54th among SBA lenders nationally, funding over $27 million in new loans.

Heritage Bank of Commerce is an SBA Preferred Lender. Preferred lenders may expedite the processing of SBA loans because of their experience with SBA lending. Preferred lenders enjoy full delegation of authority and can decide unilaterally on SBA participation in eligible business loans.

The 7(a) Loan Program is the SBA’s primary program for helping start-up and existing small businesses, with financing for a variety of general business purposes. SBA does not make loans itself, but rather guarantees loans made by participating lending institutions.

The U.S. Small Business Administration was created in 1953 as an independent agency of the federal government to aid, counsel, assist, and protect the interests of small business concerns, and to maintain and strengthen the overall economy of our nation. Loans originated under the SBA program are currently eligible for government guarantees up to 90% of the principal balance.

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