We have been fortunate to remain financially sound during this long and difficult business cycle. This has allowed us to actively make more SBA loans than other banks.
Memphis, TN (PRWEB) April 25, 2013
Limited access to credit has added to the struggles of small businesses during recent economic downturns. In Shelby County, TN, however, Small Business Administration (SBA) lending has seen an upturn. This has been due in part to the SBA’s announcement in February that it would expand access to loan programs*, as well as local bank participation. One of the smaller banks in the area, Memphis-based Triumph Bank, has consistently led in SBA loans, and was recently ranked #1 for the entire state of Tennessee.
Triumph's #1 status was announced when the SBA released its list of lender rankings by total dollar amount for loans made in Tennessee, October 1, 2012 through February 28, 2013. Prior to this, Triumph Bank was consecutively ranked as the #2 lender in Shelby County for fiscal years 2010 through 2012.
With a total of $5,819,000 in SBA loans, Triumph bested #2 United Community Bank by nearly $800,000. As a further distinction, the bank's loan volume centered primarily on Shelby County, as it has for several years, demonstrating Triumph's focus on local business. In addition, according to the SBA list, Triumph Bank outperformed more than 40 lenders. This included major banks such as Wells Fargo, Regions Bank and Bank of America, as well as numerous local and regional institutions.
Previously, Triumph ranked #11 for SBA loan volume in Tennessee. Bank President Will Chase says this “leap forward” affirms a long-held belief. “We started this bank on the firm belief that helping local family-owned businesses was simply the right thing to do,” he said. “And it has proven the ‘win/win’ we anticipated. Not only are we supporting our community, SBA lending has been a major factor in our growth.”
Since founded in 2006 as a local community bank, Triumph has increased its assets to over $400 million, posted consecutive profits from 2009 through 2012, and grown to four locations in Memphis, Germantown, Collierville, and Arlington – all in the Memphis Metro area. In 2010, Chase appeared on Fox Business News and was quoted in The Washington Post as a national voice for community banks, speaking to concerns about legislation for a small community business lending program being a potential bailout in the wake of TARP.
To Triumph’s #1 SBA ranking, Chase suggests that the bank’s continued fiscal responsibility along with the SBA’s assistance have made the difference. “We have been fortunate to remain financially sound through this long and difficult business cycle. This benefits all customers, but it has also allowed us to actively make more SBA loans than other banks. We plan to continue this upswing and are extremely grateful to the SBA for all their support.”
About Triumph Bank
Triumph Bank is a locally-owned full-service bank serving both business and retail customers. Founded in 2006, Triumph Bank has grown to four locations – Memphis, Germantown, Collierville and Arlington – with a goal to be the most resourceful local bank in the Memphis Metro area. Since its founding, Triumph Bank has continuously kept all decision-making local. Today, the bank's 5699 Poplar Avenue location in Memphis serves as its headquarters.
*From an SBA.gov news release, February 26, 2013: http://www.sba.gov/about-sba-services/7367/502631