SBA Names SunTrust ‘Export Lender of the Year’
SunTrust Banks said it has been selected for the Export Lender of the Year award from the U.S. Small Business Administration for making the most export working capital loans to U.S. exporters in 2011. This is the third straight year SunTrust has received this honor.
SunTrust said it is able to provide export working capital loans through the SBA’s Preferred Lenders Program. This designation – granted to only a small number of financial institutions nationally – provides SunTrust greater authority to approve loans more quickly and streamlines the SBA loan process, allowing the bank to meet the needs of more businesses in a client-friendly timeline.
“SunTrust understands how important exports are to helping our economy and our clients grow, and we are proud of our continued partnership with the SBA as a Preferred Lender,” said Susanne Keough, managing director and head of the Global Trade Solutions division at SunTrust. “SunTrust remains committed to providing our clients with lending experts who understand their business goals and are able to offer tailored financial solutions to meet their needs in this global market.”
SunTrust’s SBA Export Working Capital program provides loans to small business exporters seeking short-term working capital to fund direct export costs. Loans can be used to finance foreign account receivables, purchase finished products for export, finance raw materials, supplies, labor, and overhead for production of export goods and services.
In addition, SunTrust was ranked a top lender in Tennessee and North Florida by the SBA for its performance in fiscal year 2011 (Oct. 1-Sept. 30).
In Tennessee, the company was recognized as SBA Lender of the Year, Top Dollar, and SunTrust teammate, Eric Hicklin based in Nashville, was named “Financial Services Champion of the Year” for Tennessee.
For its work in North Florida, SunTrust was named 2011 7(a) Lender of the Year, Dollar Amount, and Export Lender of the Year for the North Florida District.