TD Bank ranked No. 1 in total number of approved U.S. Small Business Administration loan units in its Maine-to-Florida footprint for the SBA’s 2020 fiscal year, supporting more than 1,500 businesses through two SBA lending products: 7(a) and 504 loans.
TD also secured the top ranking in total amount of 504 dollars (approximately $146 million) in its footprint. Despite the challenges associated with the COVID-19 pandemic, TD remained committed to SBA lending and ranked in the top four nationally after lending $370.1 million and approving a total of 1,560 SBA 7(a) and 504 loans combined.
In addition to SBA 7(a) and 504 loans, TD Bank provided approximately 86,000 Paycheck Protection Program loans for more than $8.7 billion in funding from April through August as part of the SBA program established by the Coronavirus Aid, Relief and Economic Security Act.
“This year has been turbulent for small businesses due to COVID-19 and our team approached these challenges head-on by using our status as an SBA preferred lender to offer not only financial relief through PPP loans but to continue to provide critical 7(a) and 504 SBA loans,” Chris Giamo, head of commercial bank at TD Bank, said. “TD recognizes the important role small businesses play in our local communities and the economy and we support these companies with needed funding in both good and challenging times.”
As a result of COVID-19, thousands of businesses sought additional funding through SBA programs such as 504 and 7(a) loans. However, due to the economic impact of the pandemic, many organizations are more focused on keeping their doors open than strategic growth priorities, which led to an enormous number of PPP loans.
“Along with providing 7(a) and 504 offerings, the bank worked around the clock for months to process PPP loans and approved more than 25 times the number of SBA loans than we approve in a typical year,” Tom Pretty, head of SBA lending at TD Bank, said. “TD Bank and our SBA lending group are proud to stand by our small business customers to provide important lending services, including more 7(a) loans than any other bank in our footprint, and financial relief offerings to help them reemerge from the pandemic in a position of strength.”