Washington, March 22, 2022 (GLOBE NEWSWIRE) — Today, the United States Small Business Administration (SBA) recognized the winners of the Office of International Trade 2022 Export Lender Award for their efforts to increase access to capital for American businesses by providing international trade finance to small businesses. This year, the SBA selected TD Bank and GBC International Bank as Export Lenders of the Year and Byline Bank as International Lenders of the Year, respectively.
Increasing access and opportunity, through strong funding and tailored expert advice, for U.S. small businesses and startups to sell their products and do business in international markets has been a key priority for the administrator Guzman. Recently, the SBA joined Business Forward, Inc. to launch the Small Business Digital Alliance, a new co-sponsorship that aims to help small businesses leverage digital tools to expand their e-commerce footprint in a growing global economy. more interconnected.
“We are honored to recognize TD Bank, GBC International Bank and Byline Bank with the SBA’s Export Lender Awards for 2021. Access to capital remains one of the biggest factors preventing small businesses from selling overseas. Export financing provided by our lending partners is critical to closing this gap and enabling small businesses to open new markets,” said Gabriel Esparza, SBA Associate Administrator for the Office of International Trade. “Small businesses engaged in international trade grow faster, pay higher wages and have greater economic stability compared to non-exporters. We are proud of the role that each of these award-winning lending partners plays in supporting export activities. »
The Export Lender Awards recognize excellence in export financing. These awards recognize lenders’ achievements in delivering SBA’s international small business financing programs, designed to help small businesses develop new markets, finance export transactions, and increase their ability to respond to the foreign demand.
TD Bank is the nation’s eighth-largest full-service bank by assets and supports businesses nationwide. In 2021, TD Bank supported over 1,400 U.S. small businesses through SBA 7(a) and 504 loans totaling over $502 million. With more than 1,400 SBA loans issued in 2021, TD ranked fifth-largest lender by loan volume in 2021. TD Bank regularly uses the Export Working Capital Program and has issued over $18 million in lines of credit 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. “That’s why we’re excited to work with the SBA to provide specialized offerings, such as the Export Working Capital Program, to ensure that our small business customers making export sales can get the financing they need to operate their business effectively.”
GBC International Bank is a Los Angeles-based private bank specializing in export lending. GBC was recognized by the SBA as the 2016 Export Lender of the Year and by EXIM Bank as their 2020 Lender of the Year. The bank supports small exporting businesses across the United States with the SBA’s three major export loan programs, EWCP, Export Express and the International Commercial Loan Program. In 2021, GBC provided over $20 million in financial support to small exporting businesses through their use of export loan programs.
“At GBC International Bank, we pride ourselves on simplifying complex banking transactions for our customers,” said Dennis Lam, CEO and Chairman of GBC Bank. “With support from the staff and programs of the SBA’s Office of International Trade, we are leveraging our strengths to help small American businesses expand their sales of goods and services from local to global markets. Our efforts have led to the maintenance, creation and growth of jobs in the United States. It is an honor to be recognized by the SBA, and we look forward to our continued partnership.
Illinois-based Byline Bank has been recognized as the #1 SBA lender in Illinois for the past 12 years and #1 SBA lender in Wisconsin for the past seven years. Byline Bank has been among the most active users of the international commercial lending program and was the largest lender in terms of loans and dollars in 2021. In 2021, Byline provided more than $37 million in support to small exporting companies using the international trade program. Loan program (ITL). In addition to using the ITL program, Byline Bank was the fifth largest lender by loan commitments under the SBA 7(a) program in 2021.
“This award is meaningful to our team, which takes pride in helping provide small businesses with the access to capital and financing solutions they need,” said Tom Abraham, President of Byline Small Business Capital. “It’s gratifying to know that we’ve also played a role in helping small exporting businesses finance their growth in the global marketplace through the SBA’s International Business Loan Program.”
US exports are important to the country’s economy, with 97.4% of all exporters being small businesses. In fiscal year 2021, the SBA guaranteed $856 million in financing to small business exporters, which supported more than $3 billion in export sales.
About SBA Export Loan Programs
The SBA maintains a series of three export loan programs designed to help small businesses expand internationally. The SBA’s flagship export program is the Export Working Capital Program (EWCP), an asset-based line of credit that can support both purchase order and receivables financing. . The International Trade Loan (ITL) is a 7(a) program that can support export capacity building and the relocation of production. Finally, the Export Express program is a complement to the SBA Express program that is positioned to support rapid access to small dollar financing needs. Additional details on SBA’s export loan programs are available at www.sba.gov/international.
About the United States Small Business Administration
The United States Small Business Administration helps fuel the American dream of business ownership. As the single, go-to resource and voice for small businesses backed by the strength of the federal government, the SBA gives entrepreneurs and small business owners the resources and support they need to start, grow, or grow their business, or recover from a declared crisis. disaster. It provides services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Shannon Giles United States Small Business Administration Shannon.email@example.com