Left to right: William Henning, VP, Commercial Lending; Robert Nelson, SBA Massachusetts District Director; Michael Wheeler, Beverly Bank President and CEO; Scott Myers, VP, Commercial Lending; Teresa Sarno, VP, Danvers Branch Manager)

The Massachusetts division of the U.S. Small Business Administration has named Beverly Bank the Small Business Lender of the Quarter for the third quarter of the federal fiscal year, which runs from October through September.

Beverly Bank earned the recognition because of its excellent SBA lending activity in the quarter.

As of the end of June 2017, Beverly Bank had made 12 loans in total this fiscal year – 1 loan in the first quarter and 11 loans in the third quarter, the largest increase in production for any lender from the previous quarters (1100 percent).

“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,” Robert Nelson, SBA Massachusetts district director, said in a statement. “Congratulations to the team at Beverly Bank for positively impacting the north shore business community.”

Thus far through FFY 2017, Beverly Bank had made $1.16 million in SBA 7a loans, which can be used to establish a new business or to assist in the acquisition, operation or expansion of an existing business.

“Beverly Bank is committed to small business lending and we are proud to receive this award,” Michael Wheeler, Beverly Bank president and CEO, said in a statement. “The U.S. 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 U.S. Small Business Administration programs to assist us.”