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The SBA Recognizes Top Lenders and Emerging Leaders

Annual Meeting held at Clark University celebrating 40 years of service by the Massachusetts Small Business Development Center network
Release Date: 
Tuesday, November 12, 2019
Release Number: 
Contact:, 617-565-8510

BOSTON –District Director Robert H. Nelson announced the 2019 Lender Awards to highlight the activity of SBA lending partners in Massachusetts and the 2019 Emerging Leaders Initiative graduates. 

“Collectively, including 7(a), 504 and microloans, the SBA supported capital to 1971 small businesses for $722 million in Massachusetts,” said Robert H. Nelson, SBA Massachusetts District Director. “Together with over 135 different lenders using SBA loan programs, over 6,000 jobs were created and 7,600 were retained according to self-reported figures.  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 expand.” 

Massachusetts Lending Highlights

  • The SBA through its flagship 7(a) Loan Guaranty Program approved 1,593 loans in Massachusetts for a total of more than $357 million supported by a network of 118 lenders, including 12 credit unions.   The smallest 7(a) loan was $5,000 and the largest was $5 million.
  • The 504 Loan Program approved 247 loans, supporting more than $156.31 million. Third Party loans which are part of the 504 projects, totaled in excess of $205.55 million.  Under the SBA 504 program, loans ranged from $58,000 up to $5,000,000 – with three projects in excess of $10,000,000
  • The SBA Microloan Program, through ten microloan intermediaries, approved 131 loans totaling $2.33 million.  Massachusetts microloan approvals increased by 22% and 12.5% by dollar amount; this was the largest growth area in the district.  

The SBA Emerging Leaders Initiative graduated its second cohort from Worcester – providing free entrepreneurship education and training for executives of small, poised-for-growth companies that are potential job creators.  This intensive executive entrepreneurship series includes nearly 100 hours of classroom time. It also provides opportunities for small business owners to work with experienced coaches and mentors, attend workshops, and develop connections with their peers, local leaders, and the financial community.    In its 12th year in the Commonwealth, the class of 2019 graduated 19 small businesses poised for growth – representing diverse industries including: management consulting, a hummus company and global transportation logistics.   

For more information about the Emerging Leaders program, visit:



2019 SBA Massachusetts Lender Awards:

TD Bank approved 30 SBA 7(a) Loans totaling over $2.9 Million in Western Massachusetts – the highest percentage of loan approvals to rural businesses in the state.

  • Western Massachusetts 7(a) Lender of the Year in Dollars and Volume
  • Massachusetts Lender of the Year to Rural Areas

Granite State Development Corporation approved 21 SBA 504 loans totaling over $8 million making them the most active 504 Lender in Western Massachusetts by both dollars and loan approvals.

  • Western Massachusetts 504 Lender by Dollars and Volume

Florence Bank approved 4 Third Party Loans for over $2 million in Western Massachusetts.

  • Western Massachusetts 3rd Party Lender by Volume

People’s United Bank approved 8 loans or 50% of its total 7(a) loan production to businesses in the construction industry.

  • Massachusetts Lender of the Year to Construction

Avidia Bank approved the highest percentage of 7(a) loan approvals to manufacturers.

  • Massachusetts Lender of the Year to Manufacturers

Cambridge Savings Bank approved 64% of their loans to new businesses this fiscal year.   SBA considers new businesses those enterprises that have been operational for 2 years or less.  Overall, Cambridge Savings Bank approved 47 SBA 7(a) loans in Massachusetts for over $6.8Million – 32% of those loans were also made to Women owned small businesses.

  • Massachusetts Lender of the Year to New Businesses
  • Massachusetts Lender of the Year to Women Entrepreneurs

Beverly Bank, a Division of North Shore Bank was ranked 15th most active lender in Massachusetts with 19 SBA 7(a) loan approvals for over $3.9 million.  The bank approved the highest percentage of loans to Veteran owned businesses in the state.

  • Massachusetts Lender of the Year to Veterans

Leader Bank was ranked 5th most active lender in Massachusetts with 50 loan approvals and 58% of all approvals made to Minority owned businesses.

  • Massachusetts Lender of the Year to Minorities

Santander Bank approved 49 SBA 7(a) loans in Massachusetts for $6.15 million.  Close to 43 percent of all 7(a) loans went to Accommodation and Food Service establishments.

  • Massachusetts Lender of the Year to Restaurants

Bay Colony Development Corporation approved 92 SBA 504 loans totaling over $56.3 million in fiscal year 2019.

  • Massachusetts 504 CDC Lender of the Year by Volume and Dollars

St. Mary’s Credit Union is the only Credit Union in the state to make the top 10 (up from the 20th place in FY2018) most active SBA Lender list for both 7(a) and Third Party Loans.   St. Mary’s Credit Union approved 29 SBA 7(a) loans this fiscal year.

  • Massachusetts Credit Union of the Year

Accion East, Inc. approved 33 SBA Microloans totaling over $451,000 in fiscal year 2019 – more than a quarter of all microloans in the state.

  • Massachusetts Microlender of the Year

Dorchester Bay Neighborhood Loan Fund approved 22 SBA Microloans totaling over $237,900 in fiscal year 2019.  This year’s activity represents a 220% increase in approvals from the previous fiscal year.

  • Massachusetts Breakout Microlending Intermediary of the Year

Webster Bank approved 96 loans, ranking 3rd on the lender list in fiscal year 2019.  The bank loaned out close to $24 million in Massachusetts, more than double last year’s activity.  Webster Bank also showed the highest year-over-year increase in 7(a) loan activity, making them the most active 7(a) lender of the year.

  • Massachusetts Breakout 7(a) Lender of the Year

Eastern Bank approved 415 SBA 7(a) loans or 26 percent of all SBA 7(a) loans made in the state, totaling well over $41.6 million; In addition, the bank approved 32 Third Party Loans in excess of $26.7 million ranking them at the top by loan amount and approvals.

  • Massachusetts 7(a) Lender of the Year for Volume and Dollars
  • Massachusetts 504 3rd Party Lender by Volume and Dollars
  • Massachusetts Lender of the Year for Job Creation and Retention

Needham Bank made it to the top 25 most active 7(a) lenders with 16 SBA loans approved for over $3.8 million in FY19.  The bank showed a 178% increase in SBA 7(a) loan approvals during the last quarter of the fiscal year 2019. Their total 7(a) loan volume in FY19 represents a fivefold increase from the prior fiscal year.

  • Massachusetts Lender of the Quarter for Q4 of FY19




2019 Emerging Leaders Graduates:

Eric Busenburg, President of Euro-American Worldwide Logistics

Gauri Bhalakia, President of ARCpoint Labs of Southboro-Framingham

John Grossman, Owner of Holyoke Hummus Company

Todd Hickman, President of Hickman & Sgroi Electric, Inc.

Helder Machado, CEO of Machado Consulting, Inc.

Kristen Helle, Vice President of BJA Magnetics

Peter Reilly, President/CEO of American Healthcare Documentation Professionals Group, Inc.

Melry Corra, Owner of Stonelink Marble & Granite

Orieta Kristo, Principal of Horizon Insurance, Inc. 

Thomas Guertin, President of INK Products Corp.

Bersan Shqina, President of MEM – Connections, Inc.

Steven Johnson, Owner of Virtuosity

Estelle Bosch, President of TW Diesel, Inc.

Bobby King, President of BL King Consulting, LLC

Scott Pozerski, Owner of Junk King

Jennifer LaSala, Owner of Jennifer Lee’s Shoppe

John Allcott, Managing Director of Edgetech Instruments, Inc.

Rafael Hernandez, President of Acropolis Design Consultants, Inc. 

James Moore, President of Medical Component Specialists







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