Union Bank is expanding its business banking group this year, after nearly doubling its loan volume in this type of lending last year, the bank said Feb. 2.
The San Francisco-based lender, which has about $90 billion in assets and 60 branches in San Diego County, said the business group also plans to double its sales force by 2014. It has about a dozen employees in San Diego.
Union Executive Vice President Todd Hollander, head of the business banking group, said Union was recently ranked among the top 10 lenders of Small Business Administration 504 loans in the markets it serves.
“After being in ‘a survival mode’ for the past few years, business owners are turning the corner and reviewing their options for growth,” said Aida Alvarez, head of the SBA during the Clinton administration and now a member of UnionBanCal Corp.’s board of directors.