Correction: This version of the story contains the correct dollar total of SBA loans made in the past fiscal year by Wells Fargo and Live Oak banks.

Wells Fargo Bank was the nation’s top SBA lender for the fiscal year ending Sept. 30, according to a report released Monday by the federal Small Business Administration. Coming in a close second in terms of dollars, according to the Top 100 Lenders report was Wilmington-based Live Oak Bank.

During the fiscal year, Wells Fargo made 7,254 SBA 7(a) loans for a total of nearly $2 billion, the report, “100 Most Active SBA 7(a) Lenders,” stated. Live Oak Bank made 966 such loans for a total of about $1.15 billion.

Wells Fargo officials noted in a news release the bank’s “year-over-year growth” in SBA lending, citing an increase of 79 percent in number of loans and an increase of 18 percent in loan dollars compared to the fiscal year ending Sept. 30, 2014.

The three-county Wilmington market has seen a similar pattern, Randy Tomsic, Wells Fargo’s Wilmington business banking manager, said Monday.

“We are seeing tremendous loan growth and activity, in SBA loans as well as other small business loans,” he said.

This growth can be attributed partly to easing of credit and an improving economy, Tomsic said, adding that other factors have also influenced the uptick in lending.

“The other part is we are seeing, as this economy steadily improves, that business owners are better able to plan, at least for the immediate future,” he said.

Many of those plans include expansion – in terms of equipment, inventory or real estate – Tomsic explained.   “There are a number of situations where we have small business owners renting, but now that market values have improved, sellers are willing to sell and small business owners are able to acquire the property,” he said. “SBA gives us great alternatives to talk about.”

An SBA loan is often more flexible than conventional small business loans in loan terms, repayment structure, amortization terms and fixed rates, Tomsic said.

The SBA Express line of credit is also proving very popular with small business owners, he said, “Which also tells you that business is improving. Businesses are looking for new or increased lines of credit to help with such things as their cash cycle and inventory.”

In contrast with Wells Fargo’s visible bricks-and-mortar presence across the U.S., Live Oak Bank has one location and does all its lending via a sophisticated electronic platform. The bank offers only SBA loans and targets a growing number of specific industries that historically perform well and have a good repayment record.

Live Oak Bank officials were not available for comment Monday because of the Columbus Day holiday, according to bank spokesman Micah Davis.

Several other banks with a presence in the Wilmington market were also on the Top 100 list. Those banks, along with their rank, are: SunTrust Bank, 8; Yadkin Bank,17; TD Bank, 18; BB&T, 45; PNC Bank, 54; and Bank of America, 61.