TD Bank, an NJBIA member headquartered in Cherry Hill, has been recognized by the U.S. Small Business Administration for its outstanding efforts to provide international trade financing to small businesses.
The SBA’s Office of International Trade announced on Tuesday that TD Bank and Los-Angeles based GBC International Bank both have been named as its 2022 Export Lenders of the Year. The SBA also named Byline Bank, of Chicago, as International Trade Lender of the year.
“Access to capital remains one of the primary factors preventing small businesses from selling abroad,” said Gabriel Esparza SBA associate administrator for the Office of International Trade in a press announcement.
“The export financing provided by our lending partners is crucial to bridging that gap and allowing small businesses to open new markets,” Esparza said. “Small businesses engaged in international trade grow faster, pay higher wages, and have greater economic stability when compared to non-exporters.
“We are proud of the role each of these award-winning lending partners plays in supporting export activity,” Esparza said.
The Export Lender Awards recognize the accomplishments of lenders in delivering SBA’s international finance programs to small businesses. These programs are designed to help small businesses develop new markets, finance export transactions, and expand capacity to meet overseas demand.
TD Bank is the eighth largest full-service bank in the nation by assets and supports businesses throughout the country. During 2021, TD Bank supported more than 1,400 American small businesses through SBA 7(a) and 504 loans totaling more than $502 million.
With more than 1,400 SBA loans made in 2021, TD ranked as the fifth largest lender by loan volume in 2021, the SBA said. TD Bank regularly uses the Export Working Capital Program and issued over $18 million in credit lines to exporters in 2021.
“As a leading SBA lender, we are committed to helping our small business customers grow and achieve their long-term business goals,” said Tom Pretty, head of SBA lending at TD Bank.
“This is why we are pleased to work with the SBA to provide specialized offerings, like the Export Working Capital Program, to ensure our small business customers with export sales can secure the financing they need to efficiently operate their businesses,” Pretty said.