U.S. Bank reported a substantial increase in its Small Business Administration (SBA) 7(a) loans for fiscal year 2024, with volume surging by 74% compared to fiscal 2023. The bank tallied $708.2 million in SBA 7(a) loans, positioning it as the 5th-most active SBA lender nationally.
This growth reflects U.S. Bank's commitment to supporting small businesses in acquiring new ventures, purchasing property, and securing working capital. The expansion was particularly notable in California, where 7(a) loans increased by 25% following the 2022 acquisition of MUFG Union Bank.
The significant rise in SBA lending demonstrates the bank's successful investment in its lending processes and personnel. This strategic focus on small business clients contributes to the bank's overall loan portfolio and strengthens its market presence in key regions.
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