SBA lending surges at U.S. Bank in fiscal year 2024

The bank tallied $708.2 million in Small Business Administration 7(a) loans, up 74 percent from fiscal 2023

U.S. Bank showed remarkable growth in U.S. Small Business Association (SBA) lending in fiscal year 2024, as the bank helped thousands of small business clients acquire new businesses, buy into partnerships, purchase property and acquire the working capital needed to grow.

In the fiscal year ended Sept. 30, the Minneapolis-based bank tallied $708.2 million in Small Business Administration 7(a) loans, up 74 percent from fiscal 2023, according to SBA statistics. The loan volume was 5^th-most among SBA lenders.

The 7(a) program is the SBA's primary business loan program. The loans can be used for purposes that include acquiring or improving real estate and buildings, working capital, purchasing equipment and ownership changes.

"At U.S. Bank, we are focused on building deep relationships with our clients so we can help them grow their businesses and reach their potential," said Erik Daniels, head of SBA lending at U.S. Bank. "We have been investing in people and processes at U.S. Bank and working together successfully as a team so we can grow this business and support even more small businesses, which are the lifeblood of our economy."

U.S. Bank increased its SBA lending in a number of states, including California, where the bank expanded in 2022 through the acquisition of MUFG Union Bank's core regional banking franchise. Total 7(a) loans in the state increased by 25 percent in fiscal year 2024. In its home state of Minnesota, U.S. Bank was the top SBA lender in both dollars and loans made.

Click here to learn more about SBA lending at U.S. Bank. You can also read this recent American Banker story.