Massachusetts SBA Celebrates Lender Achievements at its 2013 Annual Meeting in Boston

Release Date: Thursday, November 14, 2013
Release Number: 14-3
Contact: Malise Sundstrom

BOSTON -   The Massachusetts District Office of the U.S. Small Business Administration today announced its fiscal year 2013 lender awards.

“We partnered with 127 lenders supporting over $605 million in loans in 2013, allowing us to help just under 2,000 small business owners in Massachusetts who created and retained over 18,000  jobs in the Commonwealth last year,” said Massachusetts District Director Robert H. Nelson.  “It’s because of the strong commitment and support of our Massachusetts lending partners that our small businesses are able to access the financial help they need to continue to grow and create jobs.  Congratulations to all of our lenders for their outstanding contributions in 2013.”

In fiscal year 2013, the Massachusetts District Office guaranteed small business loans through its two main loan programs, the 7(a) Loan Guaranty Program and the Certified Development Company/504 Loan Program. The 7(a) loan program is the SBA’s most used program because of its flexibility in loan structure and variety of uses, including working capital and debt refinancing.  The 504 loan program is available to finance long-term fixed assets including real estate and equipment at below market rates for up to 20 years.

In addition, 71 loans totaling over $1.6 million were made through the seven SBA microloan intermediaries.

# 1 Massachusetts and New England SBA 7(a) Lender of the Year – Eastern Bank

Eastern Bank was the #1 7a lender in New England in number of loans approved with 439 loans worth $22.8 million.

In Massachusetts, Eastern Bank approved 431 loans totaling $22.2 million making them the # 1 SBA 7(a) lender in numbers and dollars in Massachusetts for the fifth year in a row.  This amount of SBA lending created 669 new jobs and retained 1,387 jobs in Massachusetts - making them also the #1 SBA Lender in the Jobs Creation/Retention category.

Eastern was also the #1 504 3rd Party Lender in number of 504 loans approved - 19 loans totaling over $12 million.

TD Bank was the #1 7(a) Lender in New England in dollars with over $34.2 million dollars approved.

#1 SBA CDC Lender of the Year - Granite State

Granite State Economic Development Corp. captured the title of #1 504 Certified Development Corporation for the fifth straight year in Massachusetts with 104 projects totaling $55 million. They were also the #1 CDC Lender in New England with 223 loans totaling over $109 million.

#1 SBA Micro Lender in numbers and dollars - South Eastern Economic Development Corp (SEED) 

Taunton based, SEED made a total of 16 micro loans totaling over $415,000, more loans than any other micro lender in Massachusetts. The Microloan Program provides very small loans to start-up, newly established, or growing small businesses. Under this program, SBA makes funds available to nonprofit community-based lenders which, in turn, make loans to eligible borrowers in amounts up to a maximum of $50,000.
Other award winners included:

#1 SBA Credit Union of the Year –Merrimack Valley Credit Union

Awarded to the credit union with the most loan approvals.   Merrimack Valley approved 14 7(a) loans totaling over $932,000.

#1 SBA 504 3rd Party Lender of the Year in dollars - Rockland Trust Company
Rockland Trust Company was the #1 lender in terms of dollars with 18 loans worth $15.7 million.

The following awards were given to lenders with a total loan volume of 15 or more loans, putting 19 lenders in contention.  The winners have the highest percentage of loans in that category:

#1 SBA Manufacturing Lender – Bank Five

Awarded to the lender who approved the highest percentage of total loans to manufacturers.

Bank Five approved 29% of their total loans to help manufacturing businesses.

#1 SLA Lender (Small Loan Advantage) - tied Unibank and Cambridge Savings Bank

Unibank approved 10 loans totaling $1.2 million

Cambridge Savings Bank approved 10 loans totaling $1 million

#1 SBA Minority Lender of the Year – RBS Citizens

Awarded to the lender who approved the highest percentage of loans to minority owned businesses in fiscal year 2013.  Citizens approved 38% of their total loans to minorities.

#1 SBA Lender to Women – Live Oak Bank

Awarded to the lender who approved the highest percentage of total loans to woman owned businesses in fiscal year 2013.  Live Oak Bank approved 35% of their total loans to women.

#1 SBA Lender to Veterans –Rockland Trust

Awarded to the lender who approved the highest percentage of total loans to veteran owned businesses.  Rockland Trust approved 11% of their total loans to veterans.

#1 SBA Export Lender – Leader Bank

Awarded to the lender who approved the highest percentage of loans to businesses that participate in international trade.  Leader Bank approved 18% of their loans to firms that export.

#1 SBA Lender to Restaurants – Enterprise Bank and Trust

Awarded to the lender who approved the highest percentage of loans to restaurants.  Enterprise Bank approved 35% of their total loan volume to entrepreneurs in the restaurant business.

#1 SBA Lender to New Businesses – Cambridge Savings Bank

Awarded to the lender who approved the highest percentage of loans to businesses in operation for less than two years.  Cambridge Savings Bank approved 66% of their total volume to early stage businesses.
Western Massachusetts Lender Awards: Lenders that serve the counties of Berkshire, Hampden, Hampshire and Franklin:

Western Massachusetts #1 SBA 7(a) lender in number of loans approved– Monson Bank approved 24 loans for over $1.6 million.

Western Massachusetts #1 SBA 7(a) lender in dollars approved – Mountain One Bank approved 13 loans totaling nearly $3.2 million.

Western Massachusetts #1 SBA CDC lender in number and dollars of loans approved – New England Certified Development Corp approved 8 projects for just under $7 million.

Western Massachusetts #1 SBA 3rd party 504 lender by numbers of loans approved – tied between Lee Bank with 3 loans over $1.8 million and Greenfield Savings Bank with 3 loans totaling $930,500.

Western Massachusetts #1 SBA 504 3rd party  lender in dollars – Florence Savings Bank approved 1 loan totaling over $6.4 million

For more information please call the Massachusetts District Office at (617) 565-5590 or visit our web page at www.sba.gov/ma.

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