Small Business Finance News
Union Bank To Increase Small Business Loans
Written by Jenna Weiner
Bank will use SBA funds to help entrepreneurs
Thanks to the recent passage of the Small Business Jobs and Credit Act, one San Francisco-based bank is planning to increase loans to entrepreneurs around the country.
Union Bank made news for small business after announcing that it would be using Small Business Administration funds from the federal government to increase the number of loans it made. Helping the bank in its new initiative will be Heather Endresen, who was recently appointed senior vice president and manager for the Small Business Administration and government lending unit. The head of Union's business sales unit, Brett Mansfield, said that he looked forward to Endersen coming on board and increasing the bank's small business lending.
"Heather's twenty-year career as an SBA lender and her thorough understanding of government-supported lending programs will help us grow this division and serve more small businesses looking to expand their companies," Mansfield said. "The bank has made a commitment to become among the top three SBA lenders in California and to be ranked among the top 50 in the nation by 2015."
Signed by the president in September, the Small Business Jobs and Credit Act gave the SBA $14 billion in additional funding for banks around the country. The Obama administration is hoping that the new funds will help small businesses get financing, which many have haven't been able to obtain.
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