The Massachusetts District Office of the Small Business Administration (SBA) recognized Eastern Bank as the top SBA lender in Massachusetts for the fiscal year 2014 and awarded several other Bay State lenders for their work at an awards ceremony last week.
"We partnered with 132 lenders in 2014, allowing us to help small business owners in Massachusetts create new jobs and stimulate the local economy," Massachusetts District Director Robert H. Nelson said in a statement. "I want to thank all of our lenders for their continued support of our loan programs."
In the most recent fiscal year, the Massachusetts District Office of the SBA supported 2,397 loans worth $595 million through its 7(a) Loan Guaranty Program, its Certified Development Company/504 Loan Program and its Microloan program.
Eastern Bank approved 672 loans totaling more than $37 million, making them the top Massachusetts SBA lender both in total number of loans and total dollars.
The District Office named Granite State Economic Development Corp. its leading Certified Development Corporation lending partner in Massachusetts with 73 projects totaling more than $48 million.
The SBA also recognized Eastern Bank as its 504 3rd Party Lender of the Year by number of loans, for participating in 33 Certified Development Company projects totaling $11.8 million and named BankNewport the top lender in that category by dollar volume, with 7 such projects totaling $14 million last year.
Workers’ Credit Union approved 25 loans totaling almost $2 million, earning the spot of SBA Credit Union of the Year, and the SBA’s Massachusetts District Office named Accion its No. 1 Microlender in Massachusetts for the fiscal year 2014.
In Western Massachusetts, Berkshire Bank earned accolades for making the greatest number of loans, having made 26 7(a) loans totaling $2.1 million last year, while Live Oak Banking Company made the greatest dollar volume of loans, approving 2 such loans worth $4.4 million.
New England Certified was named the top 504 lender in Western Massachusetts with 9 CDC projects totaling $3.7 million, and the SBA named Hampden Bank its top 504 3rd party lender, having made two 3rd party loans in Western Massachusetts worth $11.8 million.
The Massachusetts District Office of the SBA also presented the following awards:
• SBA No. 1 Lender to Restaurants – Santander Bank. Awarded to the lender who approved the highest percentage of loans to restaurants. Santander Bank approved 38 percent of their total loan volume to entrepreneurs in the restaurant business.
• No. 1 Lender to New Businesses – Middlesex Savings Bank, which approved 61 percent of their total volume to early stage businesses.
• SBA Minority Lender of the Year – Bristol County Savings Bank, which approved 42 percent of their total loans to minorities.
• SBA Export Lender – Enterprise Bank and Trust Co., for making 13 percent of their loans to firms that export.
• SBA No. 1 Lender to Women – Cambridge Savings Bank, for making 39 percent of their total loans to women.
• SBA No. 1 Lender to Veterans – Webster Bank, which approved 19 percent of their total loans to veterans.
• SBA No. 1 Lender for Job Creation and Job Retention – Eastern Bank, which helped create 984 new jobs and retain 1,709 jobs, more than any other lender making them the # 1 Lender for Job Creation and Job Retention in Massachusetts for 2014.
• SBA No. 1 Lender to Small Business Manufacturers – Enterprise Bank, for making 31 percent of its loans to small business manufacturers.
• SBA No. 1 Lender to HUBZone Businesses – BankFive, which approved 29 percent of their loans to businesses located in Hubzones.
• Massachusetts Surety Bond Agency of the Year 2014 – Albert J. Tonry & Company, Inc. in Quincy, which approved 60 surety bonds in the fiscal year 2014.
• District Director’s Award – Eva Marie D’Antuono, U.S. Army Corps of Engineers, for her dedication and support of SBA’s 8(a) Program and Massachusetts small businesses.
