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