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Massachusetts SBA Announces 2014 Lender Awards

Release Date: 
Friday, November 21, 2014
Release Number: 
15-5
Advisory Date: 
Friday, November 21, 2014
Contact: 
Malise Sundstrom, 617-565-8417

BOSTON -    The Massachusetts District Office of the U.S. Small Business Administration today announced its fiscal year 2014 lender awards.

“We partnered with 132 lenders in 2014, allowing us to help small business owners in Massachusetts create new jobs and stimulate the local economy,” said Massachusetts District Director Robert H. Nelson  “I want to thank all of our lenders for their continued support of our loan programs.”                          

In fiscal year 2014, the Massachusetts District Office supported a total of 2,397 loans totaling $595 million through its 7(a) Loan Guaranty Program, Certified Development Company/504 Loan Program, and Microloan 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. The microloan program is aimed to small loans to borrowers who need smaller dollar loans.

Eastern Bank approved 672 loans totaling more than $37 million, making them the #1 Massachusetts SBA lender in total number of loans and total dollars.

Granite State Economic Development Corporation was SBA’s leading Certified Development Corporation lending partner in Massachusetts with 73 projects totaling more than $48 million.

Other award winners included:

SBA 504 3rd Party Lender of the Year by Numbers – Eastern Bank

Awarded to the lender with participation on the greatest number of Certified Development Company/504 projects.  Eastern Bank  participated in 33 Certified Development Company projects for a total of $11.8 million.

SBA 504 3rd Party Lender of the Year by Dollars – BankNewport

Awarded to the lender with the largest dollar value of loans approved in Certified Development Company/504 projects.  Bank Newport participated in 7 Certified Development Company projects for a total of $14 million.

#1 Microlender in Massachusetts – Accion

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 made a total of 16 micro loans in 2014, more than any other microlender in Massachusetts.

SBA Credit Union of the Year – Workers’ Credit Union

Award for the credit union with the most loan approvals.  Workers’ Credit Union approved 25 loans totaling nearly $2 million.

The following awards were presented to lenders that had the most lending activity in the four Massachusetts western counties: Berkshire, Franklin, Hampden and Hampshire counties.

Western Massachusetts 7(a) Lender of the Year by Numbers- Berkshire Bank

Berkshire Bank approved 26 7(a) loans in Western Massachusetts for a total of $2,139,000.

Western Massachusetts 7(a) Lender by Dollars- Live Oak Banking Company

Live Oak Banking Company approved (2) loans in Western Massachusetts for a total of $4,415,000.

Western Massachusetts 504 Lender by Dollars and Volume - New England Certified

New England Certified approved 9 CDC projects for a total of $3,739,000.

Western Massachusetts 504 3rd Party Lender by Dollars- Hampden Bank

Hampden Bank approved two 3rd party loans in Western Massachusetts for $11,796,393.

The following awards were given to lenders with a total loan volume of over 15 loans and made the highest percentage of their loans to the following categories:

SBA #1 Lender to Restaurants – Santander Bank

Awarded to the lender who approved the highest percentage of loans to restaurants.  Santander Bank approved 38% of their total loan volume to entrepreneurs in the restaurant business.

#1 Lender to New Businesses – Middlesex Savings Bank

Awarded to the lender who approved the highest percentage of loans to businesses in operation for less than two years.  Middlesex Savings Bank approved 61% of their total volume to early stage businesses.

SBA Minority Lender of the Year – Bristol County Savings Bank

Awarded to the lender who approved the highest percentage of loans to minorities in fiscal year 2014.  Bristol County Savings Bank approved 42% of their total loans to minorities.

SBA Export Lender – Enterprise Bank and Trust Company

Awarded to the lender who approved the highest percentage of loans to businesses that participate in international trade.  Enterprise Bank approved 13% of their loans to firms that export

SBA #1 Lender to Women – Cambridge Savings Bank

Awarded to the lender who approved the highest percentage of total loans to women in fiscal year 2014.  Cambridge Savings Bank approved 39% of their total loans to women.

SBA #1 Lender to Veterans – Webster Bank

Awarded to the lender who approved the highest percentage of total loans to veterans.  Webster Bank approved 19% of their total loans to veterans.

SBA # 1 Lender for Job Creation and Job Retention – Eastern Bank

Eastern Bank helped create 984 new jobs and retain 1709 jobs, more than any other lender making them the # 1 Lender for Job Creation and Job Retention in Massachusetts for 2014.

SBA #1 Lender to Small Business Manufacturers – Enterprise Bank

31% of the loans Enterprise Bank approved went to small business manufacturers.

SBA #1 Lender to HUBZone Businesses – BankFive

BankFive approved 29% of their loans to businesses located in Hubzones.

Two other awards were presented at the meeting:

Massachusetts Surety Bond Agency of the Year 2014 – Albert J. Tonry & Company, Inc.

Albert J. Tonry & Co. From Quincy, Massachusetts. This agency approved 60 surety bonds in FY 2014.

District Director’s Award - Eva Marie D’Antuono, U.S. Army Corps of Engineers

This award was presented to Eva for her dedication and support of SBA’s 8(a) Program and Massachusetts small businesses.

For more information please call the Massachusetts District Office at (617) 565-5590.

 

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