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UNION BANK GEARS UP TO ACCOMMODATE INCREASED FUNDING FROM NEW SMALL BUSINESS JOBS ACT
For Immediate Release
Joanne C. Curran
Heather Endresen Announced as Manager of SBA and Government Lending Business
Los Angeles -- Nov 17, 2010 -- Union Bank, N.A., is expanding its small-business lending efforts to meet the anticipated increase in business loan activity following passage last month of the Small Business Jobs and Credit Act (HR 5297).
Helping to capitalize on the increased availability of funds provided by the Act, Heather Endresen has joined Union Bank as senior vice president and manager for the Small Business Administration (SBA) and government lending unit within the bank’s business banking group. She will oversee an expanded Union Bank team of 12 SBA business development officers in California, Oregon and Washington dedicated to increasing lending to small businesses through SBA and other government loan programs. These officers will assist small businesses from Seattle to San Diego with SBA loans.
The $42-billion Small Business Jobs Act is designed to provide tax benefits and funding to aid small businesses. The Jobs Act creates a $30 billion lending fund run by the Treasury Department to provide inexpensive capital to banks with less than $10 billion in assets. "The idea is that larger banks such as Union Bank, that specialize in lending to small businesses, will put more money in the hands of main-street businesses and thus help stimulate the local economies," said Endresen.
Some of the provisions of the Act go into effect immediately, while others will roll out in stages.
According to Brett Mansfield, senior vice president and head of business sales at Union Bank, "Heather’s 20- 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."
Endresen: "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. Union Bank is here to take advantage of opportunities to lend to small businesses, which will bolster the liquidity in the small-business market."
Endresen began her career working for Frontier Bank in Orange County, where she led the SBA lending department. Later, she moved to the former Glendale Federal Bank, where she helped launch the SBA group. It was ranked the fastest growing SBA lender in the nation during its first year. Glendale Federal was later acquired by Citibank, where Endresen became the national director of SBA lending. She also was a sales officer for Resource Capital and worked with lenders and developed an expertise in funding commercial real estate projects with solar panels.
Endresen attended Stonier Graduate School of Banking in Delaware. She is also on the board of directors of the CDC Small Business Finance group, which leads the nation in providing SBA loans and other financial capital through its products and services. Endresen currently resides in Yorba Linda.