BOSTON – Beverly Bank has been awarded the Small Business Lender of the Quarter for the third quarter of fiscal year 2017.
“Beverly Bank earned this recognition for increasing productivity by currently doubling their loan approvals from the previous year and adding 11 loan approvals in the third quarter,” said Robert Nelson, SBA Massachusetts District Director. “Congratulations to the team at Beverly Bank for positively impacting the north shore business community.”
This award is being presented to Beverly Bank in recognition of their excellent SBA activity for the quarter. As of the end of June 2017, Beverly Bank made 12 loans in total this fiscal year – 1 loan in FY17 Q1 and 11 loans in FY17 Q3. This is the largest increase in production for any lender from the previous quarters (1,100%).
“Beverly Bank is committed to small business lending and we are proud to receive this award,” said Michael Wheeler, Beverly Bank President and CEO. “The US Small Business Administration has been an important partner in our granting of loans to small business. With long-standing ties to our community, Beverly Bank understands the importance of small businesses in developing and retaining a strong community. We have strategically focused on growing our small business lending and utilizing the US Small Business Administration programs to assist us.”
The SBA offers a variety of loan guaranty programs including 7(a), SBA Express, Veteran Advantage Program, Small Loan Advantage (SLA) and CDC/504 Loans. SBA loans are guaranteed up to $5 million and are available for most business purposes, such as purchasing commercial real estate, equipment and inventory, or for providing short-term working capital. For more information about SBA, visit www.sba.gov/ma.
About the U.S. Small Business Administration:
The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012, has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. To learn more, visit www.sba.gov
About Beverly Bank:
Beverly Bank has been meeting the personal and business banking needs of North Shore communities for nearly 130 years. With three branch locations in Beverly, one in Salem, and our newest branch in Danvers, we pride ourselves in offering each of our customers personalized customer service, quick turnaround and attention to detail. For more information, visit www.beverlybank.com
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