Top SBA Lenders and Emerging Leaders Class Honored

Annual Meeting held at Worcester State University on Friday, November 9th
Release Date: 
Tuesday, November 13, 2018
Release Number: 
19-2
Contact: 
norman.eng@sba.gov, 617-565-8510

BOSTON – Massachusetts District Director Robert Nelson announced the 2018 Lender Awards to recognize top SBA lending intermediaries powering the American dream in the Commonwealth. 

“177 active SBA lenders in our Massachusetts network are supporting job creation and economic growth in our local communities every day,” said Robert H. Nelson, SBA Massachusetts District Director. “Together this fiscal year 8,058 jobs were created and 9,047 jobs were retained in the Commonwealth in a collective effort to build a vibrant and vigorous economy.  We thank all of our partners and friends for working with the SBA to ensure equitable capital access.” 

Highlights:

  • The SBA through its flagship 7(a) Loan Guaranty Program approved 2,126 loans in Massachusetts for a total of more than $349 million supported by a network of 123 lenders, including 16 credit unions.
  • The 504 Loan Program approved 270 loans, supporting more than $171 million. Third Party loans which are part of the 504 projects totaled in excess of $231 million.  Under the SBA 504 program, loans ranged from $56,000 up to $5,000,000 – with nine projects in excess of $10,000,000 (SBA 504 loan and Third Party loan combined).
  • The SBA Microloan Program, through ten microloan intermediaries, approved 102 loans totaling $2.08 million.  Microloans provide up to $50,000 to help small businesses start-up and expand; In Massachusetts, an average microloan was $20,352. 

2018 SBA Massachusetts Lender Awards:

Berkshire Bank

  • Western Massachusetts 7(a) Lender of the Year 
  • Massachusetts Lender of the Year to Rural Areas

Lee Bank

  • Western Massachusetts 3rd Party Lender 

New England Certified Development Corporation

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

Bay Colony Development Corporation

  • Massachusetts CDC Lender of the Year by Volume

St. Mary’s Credit Union

  • Massachusetts Credit Union of the Year

Independence Bank

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

Santander Bank

  • Massachusetts Lender of the Year to Minorities
  • Massachusetts Lender of the Year to Restaurants

Leader Bank

  • Massachusetts Lender of the Year to Veterans

Rockland Trust Company

  • Massachusetts Lender of the Year to Construction

Avidia Bank

  • Massachusetts Lender of the Year to Small Business Manufacturers

Accion East USA

  • Massachusetts Microlender of the Year by Volume

South Eastern Economic Development Corporation

  • Massachusetts Microlender of the Year by Dollars

Eastern Bank

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

The Cooperative Bank of Cape Cod

  • Massachusetts 504 3rd Party Lender of the Year by Dollars

 

2018 SBA Massachusetts Emerging Leaders:

The 2018 Emerging Leaders class was also announced and recognized for completing an intensive, half-year program to help growing entrepreneurs in emerging markets; this was the inaugural year in the City of Worcester.  This year’s participants include:

  • Cleartech Group
  • Trinidad Engineering, Inc.
  • Geisel Software, Inc.
  • RRMAE Engineering
  • O’Leary Welding Corp
  • Drivetech, Inc.
  • Legacy Medical Solutions, LLC
  • Guertin Graphics
  • Bluefin Technology Partners
  • Abbess Instruments and Systems, Inc
  • Twist Bakery Café, Inc.
  • Bin There Dump That
  • The Queen’s Cups
  • Comprehensive Practice Management
  • Betts Plumbing & Heating Supply
  • Monsoon Kitchens, Inc.
  • New England Home & Glass, Inc.
  • ECI Stores
  • Fox Auto Transport, LLC

Emerging Leaders Initiative provides 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.

For more information about this year’s Emerging Leaders graduates, visit: 
2018 Emerging Leaders Class

 

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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.