CHERRY HILL, N.J., Nov. 11, 2019 /PRNewswire/ -- TD Bank, America's
Most Convenient Bank®, helped more than 2,900 businesses
grow in 2019 through its U.S. Small Business Administration (SBA)
lending program. TD Bank ranked No.1 for the third consecutive year
in total number of approved loan units in its Maine-to-Florida footprint in the SBA's top two lending
products: 7(a) and 504 loans.
TD was also the top lender in total amount of 504 dollars ($85.8
million) in its footprint.
According to the SBA, TD also ranked first in units in five
states during the SBA's fiscal year, which ran from Oct. 1, 2018, to Sept. 30,
2019.
- New York: 756 units;
$67,385,350
- Florida: 665 units;
$81,827,665
- New Jersey: 606 units;
$79,525,280
- South Carolina: 119 units;
$16,929,561
- New Hampshire: 107 units;
$10,209,000
"TD Bank is committed to supporting small businesses through all
of our lending programs and is proud to be a leader in SBA lending
as an SBA Preferred Lender," said Chris
Giamo, Head of Commercial Bank, TD Bank. "TD understands the
important role small businesses play in our communities and economy
and is pleased to help these critical businesses reach their full
potential through access to capital."
TD continues demonstrating strong commitment to SBA
lending
The overall U.S. SBA lending program experienced a decrease in
2019 due to a variety of macroeconomic factors, including the
35-day government shutdown and economic strength in small business
lending, causing borrowers to be less in need of the SBA program.
Industry factors, such as changes to fees associated with 7(a)
loans under $125,000, also impacted
the program's performance.
However, in 2019, TD remained committed to SBA lending and
ranked in the top three nationally after lending $358.5 million and approving a total of 2,963 SBA
7(a) and 504 loans combined.
"TD's SBA Lending Group works closely with our small business
customers to actively pursue loan opportunities, strengthen
relationships and provide tailored financial solutions to help them
grow their businesses," said Tom
Pretty, Head of SBA Lending, TD Bank. "Our SBA team's
performance is among the best in the industry, and we are proud to
have helped thousands of small businesses this year. The team looks
forward to working closely with small businesses across our
footprint on additional SBA lending opportunities in 2020."
About TD Bank, America's Most Convenient
Bank®
TD Bank, America's Most Convenient Bank, is one of the 10
largest banks in the U.S., providing more than 9 million customers
with a full range of retail, small business and commercial banking
products and services at more than 1,200 convenient locations
throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas
and Florida. In addition, TD Bank
and its subsidiaries offer customized private banking and wealth
management services through TD Wealth®, and vehicle
financing and dealer commercial services through TD Auto Finance.
TD Bank is headquartered in Cherry Hill,
N.J. To learn more, visit www.td.com/us. Find TD Bank
on Facebook at www.facebook.com/TDBank and on Twitter at
www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank
Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services
company in North America. The
Toronto-Dominion Bank trades on the New
York and Toronto stock
exchanges under the ticker symbol "TD". To learn more, visit
www.td.com/us.
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SOURCE TD Bank