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SBA Lending Leaders to Minorities, Women, Veterans, Construction, Restaurants, and more Highlighted in SBA MA Annual Meeting

Traditional lending (7a/504) saw 43% increase year-over-year; 7(a) dollar amount up 69%; 504 dollar amount up 28% with loan approvals up 27%
Release Date: 
Monday, December 13, 2021
Release Number: 
22-3
Contact: 
norman.eng@sba.gov, 202-853-5792

BOSTON – The Massachusetts District Office held its’ Annual Meeting virtually on Friday, December 10th and announced the 2021 Lender Awards to highlight SBA lending activity for federal fiscal year 2021.

“Collectively, including 7(a), 504 and microloans, the SBA with the help of over 113 different lenders, supported capital to 1,533 small businesses for $970.47 million in Massachusetts,” said Robert H. Nelson, SBA Massachusetts District Director.  “We thank all of our partners and friends for working with the SBA to ensure small businesses get the access to capital they need to start, grow, expand and recover.” 
 

2021 SBA Massachusetts Lender Awards:

Greylock Federal Credit Union approved 10 SBA 7(a) loans totaling $437,000 in Western Massachusetts.  

  • #1 Western MA SBA 7(a) Lender
  • #1 Lender to Rural Businesses

Granite State Development Corporation approved 35 SBA 504 loans totaling $17,198,000 in Western Massachusetts; Statewide - Granite State approved 105 SBA 504 loans totaling $57,828,000. 

  • #1 Western MA 504/CDC Lender

Greenfield Savings Bank approved 12 SBA 504 3rd Party loans totaling $2,809,972 in Western Massachusetts.

  • #1 Western MA 504/CDC 3rd Party Lender

St. Mary's Credit Union approved 34 SBA 7(a) loans totaling $2,898,200 with 47% made to the construction industry.  St. Mary’s Credit Union also remained the only credit union in the top 10 statewide for 7(a) loan approvals.  

  • # 1 Lender to Construction
  • Credit Union of the Year

Avidia Bank approved 12 SBA 7(a) loans totaling $6,171,500 with 40% of loans made to manufacturers.

  • # 1 Lender to Manufacturers

Leader Bank approved 53 SBA 7(a) loans totaling $6,276,400 with 62% made to the retail trade industry.

  • #1 Lender to Retail Industry
  • CFI Lender of the Year

Northern Bank and Trust Company approved 11 SBA 7(a) loans totaling $3,327,100 with 36% of loans made to restaurants.

  • # 1 Lender to Restaurants

Cape Cod Five Cents approved 16 SBA 7(a) loans totaling $2,504,600 with 50% of loans made to women owned businesses.

  • # 1 Lender to Women Entrepreneurs

North Shore Bank approved 15 SBA 7(a) loans totaling $3,801,000 with 20% made to veteran owned businesses.

  • # 1 Lender to Veteran Entrepreneurs

Rockland Trust approved 32 SBA 7(a) loans totaling $16,405,500 with 41% made to minority owned businesses. 

  • # 1 Lender to Minority Entrepreneurs

Atlantic Capital Bank approved 14 SBA 7(a) loans totaling $16,051,000 with 85% made to new businesses.

  • #1 Lender to New Businesses

Bay Colony Development Corporation approved 128 SBA 504 loans totaling $79,157,000 statewide.

  • #1 504 CDC by Loan Approvals & Dollars

Common Capital approved 26 microloans totaling $693,319, representing 36% of all microloans approved in the state.

  • # 1 Micro Lender of the Year

Live Oak Banking Company approved 47 7(a) loans totaling $70,248,000 – the most by dollar amount statewide.  In 2020, Live Oak approved 16 SBA 7(a) loans totaling $18,187,000; This year’s activity increased by over 270% in dollar amount and 193% in the number of approvals.  

  • Most Improved 7(a) Lender of the Year
  • #1 7(a) Lender by Dollar Amount

Eastern Bank approved 185 SBA 7(a) loans, 16.74% of all SBA 7(a) loans made in the state, totaling $35,737,300. Eastern Bank also approved 30 SBA 504 Third Party Loans totaling $31,161,805.

  • #1 7(a) Lender by Loan Approvals
  • #1 504 3rd Party Lender of the Year by Approvals & Dollars
  • Lender of the Year for Job Creation and Retention

 

 

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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.