It is ahead of established banks like Sonabank and BB&T.
State Bank of India (California) was ranked 13th in Small Business Administration loans in the Washington, DC, metro area in 2015 fiscal year by Washington DC Business Journal’s Book of Lists.
SBI (California), the only subsidiary in the United States of an Indian bank, was established in 1982. The bank has branches in California and Washington, DC.
The Washington branch, which offers both personal and commercial banking, was opened in 2009.
Business Finance Group Inc. is the top lender in the region, followed by Wells Fargo Bank and Eagle Bankcorp Inc. The other two in the top five are SunTrust Bank Inc. and M&T Bank.
“We are thrilled to be ranked with such established banks in the community as Sonabank, BB&T and others, especially since we have been in this market for only a couple of years,” Rokas Beresniovas, a vice president, who is in charge of implementing strategic business plan for SBI California, told the American Bazaar.
Sonabank was ranked 14th, a notch below SBI California, and BB&T was placed 16th by Book of Lists, which provides listings of hottest area companies in different fields by ranking.
“We are proud to be a leading SBA lender in the community for small businesses and for being amongst such great companies,” Beresniovas said. “Our most recent small business loans created dozens of jobs in the community and helped small businesses to expand and grow. We look forward to continued success in 2016.”
In an interview last February, Beresniovas had said that SBI California had done loans from $50,000 to $300,000 generally.
In the Los Angeles area, SBI (California) was ranked 40th in the fourth quarter of fiscal year 2015.