ATLANTA, Dec. 9, 2014 /PRNewswire/ -- The U.S. Small Business Administration (SBA) has named SunTrust Bank a top ten 7(a) lender by dollar volume in fiscal year 2014 (Oct.1-Sept. 30). In just one year, SunTrust rose from number 15 to 10 in the SBA ranking with more than $253.6 million in total approved dollars, a 45 percent year-over-year increase in dollar volume and 61 percent increase in loans provided to small businesses.
"Helping small business owners secure the financing necessary to succeed underscores our purpose of 'Lighting the Way to Financial Well-Being.' Their success positively benefits their employees and families as well the communities we serve," said Jeff Nager, senior vice president and SBA Manager for SunTrust. "We are pleased to be ranked a top lender and will continue to ramp up our SBA lending program to help small businesses grow and prosper."
SunTrust is designated as a Preferred Lender by the SBA, which allows its seasoned lenders to expedite the loan submission and approval process. SBA loans are often secured to provide for the purchase/construction of commercial real estate, working capital, attain new equipment, or to recapitalize a company balance sheet. More recently, SunTrust is seeing increased demand for loans to support change of ownership, business acquisitions and succession planning (partner buyouts). SunTrust has approximately 2,000 bankers equipped to serve the needs of its small business clients.
For more information about SunTrust's SBA lending program, please visit www.suntrust.com/SmallBusiness/LoansandFinancing/SBALoans. For additional information on SBA programs, visit www.sba.gov.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2014, SunTrust had total assets of $186.8 billion and total deposits of $136.5 billion. Through its flagship subsidiary, SunTrust Bank, the Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through its various subsidiaries, the company provides mortgage banking, asset management, securities brokerage, and capital market services. SunTrust's Internet address is suntrust.com.
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SOURCE SunTrust Banks, Inc.