Imagine More capabilities
First Internet Bank’s streamlined process seamlessly delivered our SBA loan.
John Qualls
Purpose HQ | Chief Executive Officer and Founder
John Qualls
Purpose HQ | Chief Executive Officer and Founder
First internet bank has intentionally broadened capabilities to leverage new opportunities as they arise.
John Qualls
Purpose HQ | Chief Executive Officer and Founder
Following that growth-oriented approach, we established our Small Business Administration (SBA) lending team in 2019. In the years that have followed, we have significantly accelerated our efforts of providing access to affordable loans and serving our nation’s entrepreneurs. Take, for example, John Qualls, CEO and Founder of Purpose HQ, a consultancy that gives its clients the necessary tools for hiring the right people and techniques that inspire company leadership to develop new talent around a clearly defined culture. While the pandemic originally caused many prospective Purpose HQ clients to defer employment and corporate culture decisions, those delays are evaporating at a rapid pace. Qualls took that time to double down on efforts to build out the company’s foundational offerings. “When we decided an SBA loan was the best avenue for our growth, First Internet Bank’s people and culture cemented the partnership,” said Qualls. “The SBA loan process is confusing, and they helped us navigate the complexities with hands-on service from the start.”
Purpose HQ’s testimonial is just one of many customer stories that inspires us to imagine more. We have assisted a significant number of locally owned businesses in achieving their goals through our ongoing expansion of the SBA team. With a network of Business Development Officers nationwide and a dedicated SBA operations group, we quickly attained a Top 25 ranking among SBA lenders. And, as a Preferred SBA lender, we offer a full suite of SBA loans delivered through a more streamlined process. We completed 2021 with $108.7 million in SBA loan balances.
Construction lending is on the rise as well. With variable rate loans and shorter durations (typically 12-48 months), these loans provide protection from interest rate risk in an up-rate environment. To meet ongoing demands and maintain a growing pipeline, we have added staff and continue to attract borrowers nationwide. Demonstrating that growth, we ended the year with a total balance of $164.6 million, up 32.5% from 2020 in our combined portfolio of construction and investor real estate. As of December 31, 2021, we had $148.2 million in unfunded commercial construction commitments, up 61.0% year over year.
The successes of our diverse business units illustrate the importance of continually seeking opportunities that emerge in new or under served niches - and being nimble enough to capably meet them when they arise.
