ISELIN – Indus American Bank has ranked fourth in New Jersey for Small Business Administration (SBA) loan production for the first quarter of the SBA 2010 fiscal year.
Authorized under the American Recovery and Reinvestment Act of 2009, SBA lending has recently witnessed tremendous growth since those federal incentives encouraged banks to make more loans by providing higher SBA guarantees and eliminating fees that often are passed on to small business owners.
Indus American Bank, which entered into the SBA business just one year ago, ranked slightly below financial giants like TD Bank, BNB Bank and PNC Bank, all of whom exceeded loan approvals of $11 million. IAB, which approved 15 loans in the first quarter for a total of $9.8 million, trailed PNC by only a small margin.
“As a bank which has been a player in the SBA sector for such a short time, being ranked fourth is a great accomplishment for us,” said Kevin Lenihan, president & CEO of Indus American Bank. “Congratulations to both Larry Kneip, Indus American Bank’s vice president of SBA lending, and his team, for doing a tremendous job helping us to become a major contender in this niche market. They know the SBA guidelines to help our customers find the right financing and do their best to move quickly and shorten the approval process.”
Indus American Bank was founded in 2005 in Iselin to offer high quality financial products and personalized service to South Asian American individuals and business owners.
Connect with NJTODAY.NET
Join NJTODAY.NET's free Email List to receive occasional updates delivered right to your email address!