26 June 2011
SunTrust Banks Inc. has been named “Export Lender of the Year” by the U.S. government’s Small Business Administration for making the most export working capital loans to U.S. exporters in 2010.
It is the second straight year that SunTrust has received the award.
Working capital loans are available through the SBA's Preferred Lenders Program. The designation -- granted to a limited number of financial institutions nationally -- provides SunTrust greater authority to approve loans more quickly and streamlines the SBA loan process, the bank said.
SunTrust's SBA Export Working Capital program lends 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, the bank said.
Based in Atlanta, SunTrust had assets of $170.8 billion and deposits of $124 billion as of March 31. It has an extensive network of branches in the U.S. southeast and mid-Atlantic states.
For more information on SunTrust’s export loans, visit the business banking section of SunTrust's Web site at www.suntrust.com.
For more on SBA programs and services, visit www.sba.gov.