GREENVILLE, S.C., Oct. 26,
2023 /PRNewswire/ -- With more than $177 million in loans for fiscal year
2023, United Community now ranks as one of the Small Business
Association's (SBA) largest lenders by dollar volume, ranking 25
out of more than 1,500 banks nationwide. United issued 196 loans,
with an average loan size of more than $900,000.
"Small companies generate 1.5 million jobs a year and account
for nearly 65% of new jobs in America," said Rich Bradshaw, President and Chief Banking
Officer for United. "Entrepreneurs are vital to our communities,
and we are proud to provide critical financing to enable them to
make their businesses successful."
SBA 7(a) loans, which are available in amounts up to
$5 million, are ideal for smaller
businesses due to lower down payments, competitive interest rates,
and longer-term financing. In August, the process of eligibility
determination for SBA-backed loans changed. In a move to reduce the
operational burden on SBA lenders and enhance overall efficiency,
the SBA now takes the responsibility of eligibility assessment
in-house, using new technology. This shift is poised to create a
more streamlined and responsive lending system, supporting small
businesses seeking financial backing to thrive and expand.
"The new rules give small businesses a better shot at
qualifying, while also keeping more cash on hand, which is
important given the rising costs of goods," said Beth Hallock, President of SBA Lending for
United. "Program improvements will expand access to capital for
small businesses, especially small-dollar loans, and increase
protection against fraud as part of rulemaking
finalized in April."
When applying for an SBA loan, factors determining acceptance
include credit score and history, earnings and cash flow, and the
equity and collateral of the application. These factors have been
expanded to increase the number and kinds of businesses able to
obtain loans, helping narrow the gaps that exist for certain
communities accessing capital.
"SBA loans work like conventional business loans. You apply
through a lender, and, if approved, you receive funds that must be
paid back at regular intervals," said Hallock. "There are also key
differences. SBA loans are often more affordable, and it is often
easier to qualify for one."
United has more than 200 offices across Alabama, Florida, Georgia, North
Carolina, South Carolina,
and Tennessee, as well as a
national lending platform in healthcare (pharmacy, veterinarian,
dental, and medical professionals) and franchise businesses.
Additionally, United has a national equipment financing subsidiary,
Navitas Credit Corp.
United is an SBA Preferred Lender, which enables the bank to
offer a full range of SBA loan products and make final credit
decisions on behalf of the SBA. In contrast, non-preferred lenders
must submit a full application to the SBA for approval, which makes
the process take longer.
In addition to general SBA loans, United offers specialized SBA
loans for businesses in the dental, medical, pharmacy, veterinary,
and franchise industries. The bank is also a multi-award recipient
of the Greenwich Excellence Awards, including the 2022 awards for
Small Business Banking–Likelihood to Recommend (South) and Overall
Satisfaction (South).
About United Community Banks, Inc.
United Community
Banks, Inc. (NASDAQ: UCBI) is the financial holding company for
United Community, a top 100 US financial institution that is
committed to improving the financial health and well-being of its
customers and ultimately the communities it serves. United
Community provides a full range of banking, wealth management, and
mortgage services. As of September 30,
2023, United Community has $26.9
billion in assets and 205 offices across Alabama, Florida, Georgia, North
Carolina, South Carolina,
and Tennessee, as well as a
national SBA lending franchise and a national equipment financing
subsidiary. United Community has been recognized nationally as a
leader in customer service, financial performance, and workplace
environment. Among the accolades, United Community is a nine-time
winner of the J.D. Power award that ranked the bank #1 in customer
satisfaction with consumer banking in the Southeast and was
recognized in 2023 by Forbes as one of the World's Best Banks and
one of America's Best Banks. United Community was also recognized
by Newsweek in 2023 as one of the Most Trusted Companies in
America, is a multi-award recipient of the Greenwich Excellence
Awards and was named by American Banker as one of the "Best Banks
to Work For" in 2022 for the sixth consecutive year. Additional
information about United Community can be found
at ucbi.com.
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SOURCE United Community Bank