Banker & Tradesman file photo
Eastern Bank approved the most amount of loans backed by the U.S. Small Business Administration in Massachusetts during the SBA’s fiscal year 2023, which ended in September
Eastern approved 230 SBA loans worth a total of $41.6 million.
The agency reported banks approved a total of 1,434 loans worth $437 million in its most recent fiscal year. This grew from the 1,125 loans last fiscal year, valued at $326.6 million.
This is Eastern Bank’s 15th year being the top SBA lender in Massachusetts.
Other than Eastern, there were four other local banks that was included in the listed top 15 lenders of SBA-backed 7(a) and 504 loans in Massachusetts.
These Massachusetts-based banks include Cambridge Savings Bank, which ranked fifth and approved 27 loans valued at $14.4 billion, and Rockland Trust at ninth place with 25 loans for a total of $12.1 million.
Other local banks in included in the top 15 list were Leader Bank, ranking 11th with 30 loans issued amounting to $11.1 million, and Berkshire Bank at 13th place, approving 15 loans for a total of $9 million.
The rest in SBA’s list of top 10 lenders of 7(a) and 504 loans in Massachusetts were:
- 2nd – North Carolina-based Live Oak Banking Co., with 16 loans amounting to $28.75 million
- 3rd – TD Bank with 203 loans amounting to $24.25 million
- 4th – Connecticut-based Webster Bank with 44 loans amounting to $22.8 million
- 6th – New York-based Newtek Small Business Finance with 23 loans amounting to $13.4 million
- 7th – Ohio-based The Huntington National Bank with 40 loans amounting to $13.3 million
- 8th – Bank of America with 44 loans amounting to $13.3 million
- 10th – Pennsylvania-based Customers Bank with 40 loans amounting to $13.3 million
- 12th – First Internet Bank of Indiana with 5 loans amounting to $10.7 million
- 14th – Rhode Island-based Citizens Bank with 9 loans amounting to $8.7 million, and
- 15th – Florida-based Newtek Bank with 15 loans amounting to $8.5 million
