CHERRY HILL, N.J., Nov. 16, 2020 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, announced today that for the fourth year in a row, TD ranked No. 1 in total number of approved U.S. Small Business Administration (SBA) 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 is proud to have provided approximately 86,000 Paycheck Protection Program (PPP) loans for more than $8.7 billion in funding from April through August as part of the special SBA program established by the Coronavirus Aid, Relief and Economic Security (CARES) Act. The bank was a leader in PPP, placing sixth nationwide in loan value and volume.
"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," said Chris Giamo, Head of Commercial Bank, TD Bank. "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."
SBA lending services remained a priority in 2020
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 the 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," said Tom Pretty, Head of SBA Lending, TD Bank. "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."
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 9.5 million customers with a full range of retail, small business and commercial banking products and services at more than 1,220 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.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_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/us.
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SOURCE TD Bank