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SBA Recognizes Lender Commitment Across the Commonwealth in Unprecedented Year

Annual Meeting held virtually highlighted small business support community
Release Date: 
Friday, December 11, 2020
Release Number: 
21-2
Contact: 
norman.eng@sba.gov, 202-853-5792

BOSTON – The Massachusetts District Office held its’ Annual Meeting virtually on Monday, December 7th and announced the 2020 Lender Awards to highlight SBA lending activity in a historic year.

Collectively, including 7(a), 504 and microloans, the SBA with the help of over 150 different lenders, supported capital to 1,561 small businesses for $680.39 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.”

In recognition of the partners that helped deliver 118,392 loan approvals, totaling $14.3 billion in Paycheck Protection Program funding, the Massachusetts District Office presented a Certificate of Achievement to all of the participating lenders.   
 

2020 SBA Massachusetts Lender Awards:

TD Bank approved 13 7(a) loans totaling over $2.3 million in Western Massachusetts.

  • # 1 Western MA SBA 7a Lender

Westfield Bank approved 5 third party loans in Western MA for close to $2.5 million.

  • # 1 Western MA Third Party Lender of the Year

Adams Community Bank approved 7 7(a) loans totaling $625,000 in Western Massachusetts, with the highest percentage of loan approvals to rural businesses.

  • # 1 SBA Lender to Rural Areas

Granite State Development Corporation approved 21 loans totaling over $8.3 million, with over $50.5 million in debenture approvals for FY 2020.

  • # 1 Western MA 504 CDC by Loan Volume and Approvals
  • # 1 CDC Lender by Dollars

St. Mary's Credit Union approved 25 loans or 63% of its total 7(a) loan production to businesses in the construction industry.  St. Mary’s Credit Union also made the top 5 (up from the top 10 in FY 2019) on the statewide lender list with 40 7(a) loan approvals for over $2.5 million.

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

South Shore Bank had the highest percentage of 7(a) loan approvals to manufacturers in 2020.

  • # 1 Lender to Manufacturers

Cambridge Savings Bank had 65% of their 7(a) loan approvals to new businesses and 25% of its 7(a) approvals going to businesses in the retail trade. 

  • #1 Lender to New Businesses
  • #1 Lender to Retail Industry

Bristol County Savings Bank approved 18 7(a) loans for almost $3 million, with close to 39% of loans made to women owned businesses.

  • # 1 Lender to Women Entrepreneurs

Newburyport Five Cents Savings Bank made the top 25 most active SBA lender list in Mass with 10 7(a) loan approvals.  The bank had the highest percentage of loan approvals to veteran owned businesses.

  • # 1 Lender to Veteran Entrepreneurs

Leader Bank had 16 loan approvals and made over 56% of their SBA 7(a) loan approvals to minority owned businesses. 

  • # 1 Lender to Minority Entrepreneurs

Santander Bank had 21 loan approvals for over $4.3 million with over 38% of all 7(a) loans approved going to accommodation and food service establishments.

  • #1 Lender to Restaurants

Bay Colony Development Corporation had 95 SBA 504 loan approvals totaling over $45 million.

  • #1 504 CDC by Loan Approvals

Ascendus (Accion East) approved 46 microloans for over $314,000 with more than a quarter of all microloans approved in the state.

  • # 1 Micro Lender of the Year

North Central Massachusetts Development Corporation funded 18 microloans for over $511,000.  In 2019 NCMDC approved 10 microloans for $298,000; This year’s activity represents an 80% increase in microloan approvals.  

  • Most Improved Micro Lending Intermediary of the Year

Eastern Bank approved 426 SBA 7(a) loans or over 37.5% of all SBA 7(a) loans made in the state, totaling over $41.2 million.  Eastern Bank also approved 19 third party loans in excess of $12.9 million.

  • #1 7(a) Lender by Loan Volume and Approvals 
  • #1 504 3rd Party Lender of the Year by Approvals
  • 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.