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Massachusetts SBA Announces 2012 Lender Awards

Release Date: 
Thursday, November 15, 2012
Release Number: 
13-4
Advisory Date: 
Thursday, November 15, 2012
Advisory Number: 
Contact: 
Malise Sundstrom, Public Information Officer: 617 565-8417

BOSTON -    The Massachusetts District Office of the U.S. Small Business Administration today announced its fiscal year 2012 lender awards.

“We partnered with 137 lenders supporting over $692 million in loans in 2012, allowing us to help 1,933 small business owners in Massachusetts who created and retained over 20,000 jobs in the Commonwealth last year,” said Massachusetts District Director Robert H. Nelson.  “I want to thank all of our lenders for their continued support of our loan programs that are of such tremendous benefit to our businesses and economic recovery in Massachusetts.” 

He further states, “It is a proven fact that small businesses drive the United States economy, employing more than half of the country’s workforce.  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 efforts and achievements in 2012.”

 

In fiscal year 2012, the Massachusetts District Office guaranteed a total of 1,846 loans supporting $690 million 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 (the program is most often used for working capital).  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. Director Nelson said, “2012 was our best year ever for 504 lending in Massachusetts, with 311 loans supporting over $491 million.”

 

In addition, a record 87 loans totaling over $2 million were made through the eight SBA microloan intermediaries.

 

# 1 SBA 7(a) Lender of the Year – Eastern Bank

Eastern Bank approved 400 loans totaling $23.5 million making them the # 1 Massachusetts SBA 7(a) lender in numbers and dollars for the fourth straight year. Eastern Bank was also the #1 SBA lender in job creation with 494 new jobs created and the #1 lender for job retention with 1,713 jobs retained through their SBA lending in Massachusetts.  

 

Eastern Bank is also the #1 SBA 7(a) lender in New England in number of loans with 405 loans approved.

 

TD Bank was the #1 7(a) Lender in New England with over $50 million dollars approved.

 

#1 SBA CDC Lender of the Year - Granite State

Granite State Economic Development Corp. was SBA’s leading 504 Certified Development Corporation for the fourth straight year in Massachusetts with 111 projects totaling $73.7 million. They were also the #1 CDC lender in New England with 276 loans totaling over $151 million.

 

#1 SBA Micro Lender in numbers– ACCION USA

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.  ACCION USA made a total of 16 micro loans totaling over $183,000 in 2012, more loans than any other micro lender in Massachusetts.

 

#1 SBA Micro Lender in Massachusetts in dollars – SEED (South Eastern Economic Development Corp.)  SEED approved 15 loans totaling over $465,000.

 

Other award winners included:

 

#1 SBA Credit Union of the Year –HarborOne Credit Union

Awarded to the credit union with the most loan approvals.   HarborOne CU approved 19 7(a) loans totaling over $847,000.

 

#1 SBA 504 3rd Party Lender of the Year in number of loans – Eastern Bank

Awarded to the lender with participation in the greatest number of Certified Development Company/504 projects.  Eastern Bank participated in 23 Certified Development Company projects for over $10 million, more loans approved than any other lender. 

 

#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 21 loans worth $37.9 million.

 

The following awards were given to lenders with a total loan volume of 20 or more loans, putting 18 lenders in contention.  The winners have the highest percentage of loans in that category:

 

#1 SBA Minority Lender of the Year – BankFive

Awarded to the lender who approved the highest percentage of loans to minority owned businesses in fiscal year 2012.  BankFive approved 35% of their total loans to minorities.

 

#1 SBA Lender to Women – United Bank

Awarded to the lender who approved the highest percentage of total loans to woman owned businesses in fiscal year 2012.  United Bank approved 48% of their total loans to women.

 

#1 SBA Lender to Veterans –First Trade Union Bank

Awarded to the lender who approved the highest percentage of total loans to veteran owned businesses.  First Trade Union approved 22% of their total loans to veterans through SBA’s Patriot Express Program.

 

#1 SBA Export Lender – BankFive

Awarded to the lender who approved the highest percentage of loans to businesses that participate in international trade.  BankFive approved 12.9% of their loans to firms that export.

 

#1 SBA Lender to Restaurants – Cape Cod Five Cents Savings Bank

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

 

#1 SBA Lender to New Businesses – People’s United Bank

Awarded to the lender who approved the highest percentage of loans to businesses in operation for less than two years.  People’s United Bank approved 67% of their total volume to early stage businesses.

 

New awards were added this year to recognize the outstanding contributions of western Massachusetts lenders that serve the counties of Berkshire, Hampden, Hampshire and Franklin:

 

Western Massachusetts #1 SBA 7(a) lender in number of loans approved– United Bank approved 25 loans for over $1.5 million.

 

Western Massachusetts #1 SBA 7(a) lender in dollars approved – Freedom Credit Union approved 7 loans totaling over $2.8 million.

 

Western Massachusetts #1 SBA CDC lender in number of loans approved – Bay Colony approved 13 projects for just under $8.5 million.

 

Western Massachusetts #1 SBA CDC lender in dollars approved – Granite State approved 12 projects for over $9.3 million.

 

Western Massachusetts #1 SBA 3rd part 504 lender by numbers of loans approved – Hampden Bank approved 6 loans totaling over $4.1 million.

 

Western Massachusetts #1 SBA 3rd party 504 lender in dollars – People’s Bank approved 2 loans totaling over $7.4 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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