U.S. Bank Increases SBA Lending 7.9 Percent to $838 Million in FY 2016
October 06 2016 - 9:00AM
Business Wire
Nation’s fifth-largest bank ranks third in
lending nationally, #1 in 9 SBA districts
U.S. Bank ended the 2016 Small Business Administration (SBA)
fiscal year on Sept. 30 with $838 million in SBA loan volume, an
increase of 7.9 percent 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.
U.S. Bank ranked first in both units and volume in four SBA
districts: Iowa, Kentucky, Portland and Seattle/Spokane. U.S. Bank
was also first in units in Kansas City, North Dakota, St. Louis and
Tennessee, and first in volume in New Mexico. It was first time
that U.S. Bank rose to the number-one 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.
“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.”
“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.”
SBA-backed loans can be used for variety of business expenses
from equipment and real estate to working capital.
In addition to SBA lending, U.S. Bank meets the needs of small
businesses with a wide range of products and services that include
deposit accounts and cash flow management, card payment and
acceptance tools, equipment leasing and wealth management.
Small business owners also benefit from the information and free
resources U.S. Bank provides, including its small business site,
U.S. Bank Connect(TM), which includes helpful advice, resources and
networking opportunities. Follow U.S. Bank Connect on Facebook and
Twitter. For more information on U.S. Bank’s full service offering
to small businesses visit usbank.com/smallbusiness.
U.S. Bancorp (NYSE: USB), with $438 billion in assets as of June
30, 2016, is the parent company of U.S. Bank National Association,
the fifth-largest commercial bank in the United States. The company
operates 3,122 banking offices in 25 states and 4,923 ATMs and
provides a comprehensive line of banking, investment, mortgage,
trust and payment services products to consumers, businesses and
institutions. Visit U.S. Bancorp on the web at usbank.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161006005257/en/
U.S. Bank Corporate CommunicationsSam Black,
612-303-9203samuel.black@usbank.comTwitter @usbank_news
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