SunTrust Named "Export Lender of the Year" by U.S. Small Business Administration for Second Straight Year
Press release from the issuing company
Thursday, May 26th, 2011
SunTrust Banks, Inc. announced today that 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 2010. This is the second straight year SunTrust has received this honor.
Working capital loans are available 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.
Susanne Keough, managing director and head of the Global Trade Solutions division at SunTrust, said, "SunTrust understands how important exports are to stimulating the economy, and we are proud of our continued partnership with the SBA as a Preferred Lender. SunTrust is 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. We are honored to receive this award for the second straight year, and being by far the largest user of the program."
Acting Associate Administrator for the Office of International Trade at the U.S. Small Business Administration,Luz Hopewellsaid, "SBA is proud to recognize SunTrust as the 2011 Export Lender of the Year for providing SBA export program loans and other types of SBA loans to exporters in fiscal 2010. Ensuring small businesses have the opportunity to begin, or expand their exporting operations so they can grow their business and create jobs is central to our mission at SBA and wouldn't be possible without partners like SunTrust."
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.
SunTrust's robust commitment to SBA lending overall is evidenced by its seasoned Global Trade specialists and expanded team of SBA specialists across the Southeast and Mid-Atlantic regions. In addition, SunTrust was ranked a top lender inTennesseeandGeorgiaby the U.S. Small Business Administration for its performance in fiscal year 2010 (Oct. 1-Sept. 30). InTennessee, the Company was recognized as SBA Lender of the Year, Top Dollar. For its work inGeorgia, SunTrust was named 2010 7(a) Lender of the Year, Total Loans, and also ranked first in number and dollar value of 504 loans.
SunTrust offers a complete range of banking solutions designed to meet the specific needs of small businesses, including a wide array of SBA loan programs, mortgages, and lines of credit.