CHERRY HILL, N.J., Dec. 11, 2018 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, increased its U.S. Small Business Administration (SBA) lending portfolio in 2018 to take the position as top lender in eight states and in Washington, D.C., up from seven states in 2017. In addition, TD Bank ranked second nationwide for number of 7(a) loan units approved during the SBA's fiscal year.
Overall in 2018, TD was no. 1 in its Maine-to-Florida footprint and no. 2 nationally after lending $411.6 million and approving a total of 4,282 SBA 7(a) and 504 loans combined, a 33 percent increase year-over-year in total units from 2017. TD also ranked as the top lender in Connecticut, Florida, Maine, New Hampshire, New Jersey, New York, Pennsylvania, South Carolina, and Washington, D.C., and ranked second in Delaware, Maryland, Massachusetts, Vermont and Virginia. These numbers are based on the SBA's fiscal year, which ran from Oct. 1, 2017, to Sept. 30, 2018.
"TD Bank is a strong proponent of the SBA program, and is proud to be among the administration's Preferred Lenders," said Chris Giamo, Head of Commercial Bank at TD Bank. "This year, we were able to help more than 4,200 small business owners achieve their dreams by providing them access to needed funding. Small businesses are an economic force in many communities, and TD is well-positioned to help these businesses thrive and grow."
According to the SBA, TD lent the following dollar amounts and unit numbers to place first in the following states:
- Connecticut: $11,654,363; 116 units
- Florida: $71,766,081; 822 units
- Maine: $6,340,800; 89 units
- New Hampshire: $7,292,200; 127 units
- New Jersey: $103,199,188; 859 units
- New York: $116, 989,579; 1210 units
- Pennsylvania: $21,959,500; 319 units
- South Carolina: $23,368,000; 152 units
- Washington, D.C.: $1,655,000; 25 units
TD also ranked as the no. 2 SBA lender in the following states:
- Delaware: $3,962,600; 44 units
- Maryland: $6,755,500; 90 units
- Massachusetts: $17,907,500; 232 units
- Vermont: $1,004,400; 26 units
- Virginia: $5,898,800; 112 units
"We have a three-fold approach to SBA lending across TD's footprint that engages our strong network of more than 1,200 stores, our more than 100 small business specialists and our SBA business development officers, all of whom work together to support small business owners and walk them through the SBA lending process," said Tom Pretty, Head of SBA Lending at TD Bank. "Small business owners live and breathe their businesses, and TD is there to guide them through each step of the process to secure the right lending product for their unique business needs."
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.tdbank.com. 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.
SOURCE TD Bank