MINNEAPOLIS--(BUSINESS WIRE)--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.