U.S. Bank Increases SBA Lending 7.9% to $838MM in 2016
OCT 11, 2016 - 7:07 am
U.S. Bank ended the 2016 Small Business Administration (SBA) fiscal year on September 30 with $838 million in SBA loan volume, an increase of 7.9% compared to fiscal 2015.
The fifth-largest bank in the country, U.S. Bank maintained its rank as the third-largest SBA lender by volume and fourth-largest lender by units, with 3,285 total loan commitments.
“Even though we’re the fifth-largest bank in the country, we’re the third largest SBA lender, which is remarkable,” said Ross Carey, head of business banking at U.S. Bank. “The results affirm our commitment to small businesses and the communities we serve. Our bankers are local. They are part of the community and building relationships with business owners they know both personally and professionally.”
U.S. Bank ranked first in both units and volume in four SBA districts: Iowa, Kentucky, Portland and Seattle/Spokane. U.S. Bank also was first in units in Kansas City, North Dakota, St. Louis and Tennessee, and first in volume in New Mexico. It was the first time that U.S. Bank rose to the No. 1 position in Iowa and New Mexico. U.S. Bank was in the top three in either units or volume in a total of 28 SBA districts, up from 24 last year.
“With more than 3,100 banking offices in 25-states, the impact of U.S. Bank’s SBA lending can’t be underestimated,” said Erik Daniels, head of the SBA Division at U.S. Bank. “Our SBA lending activity made it possible for thousands of small business owners to grow their companies, hire employees and strengthen their communities.”
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