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Eastern Bank was named a top lender for the 13th consecutive year by the Massachusetts district office of the U.S. Small Business Administration, and Cape Cod Five provided more loans to female entrepreneurs than any other Massachusetts lender.
The SBA’s Massachusetts district office recognized the state’s top lenders earlier this month in virtual annual meeting for traditional SBA activity during the fiscal year ending on Sept. 30.
“Collectively, including 7(a), 504 and microloans, the SBA with the help of over 113 different lenders, supported capital to 1,533 small businesses for $970.47 million in Massachusetts,” Robert H. Nelson, SBA Massachusetts district director, said in a statement. “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.”
Eastern Bank was Massachusetts’ top lender in the SBA’s 7(a) program, the 13th consecutive year that the Boston-based bank has been named top lender. Eastern Bank was also the top third-party lender for the 504 loan program.
“This past year has continued to be an extraordinary time of ensuring small businesses get access to the capital they need to start, stabilize and grow, and we are proud to be there every step of the way to assist them,” Quincy Miller, president of president and vice chair of Eastern Bank, said in a separate statement. “We thank the SBA, our colleagues and community partners for coming together to support our small business community. It has never been more important, as we believe a robust small business community is essential to a thriving local economy.”
Eastern Bank had the the most 7(a) loans approved with 185 loans totaling approximately $35.7 million, and the bank had 30 504 loans for about $31.2 million. The SBA also awarded Eastern Bank as its lender of the year for activity that created and retained jobs.
Hyannis-based Cape Cod 5 was name lender of the year to women by for fiscal year 2021. Cape Cod 5 approved over $2.5 million in SBA loans during the year, with 50 percent of those loans made to women-owned businesses.
“Small businesses, which are the lifeblood of our local economy, have been hard hit over the past two years and each employee at Cape Cod 5 has worked diligently to support our businesses as they’ve adapted through change and uncertainty,” Dorothy A. Savarese, chair and CEO of Cape Cod 5, said in a statement. “We are proud to receive this recognition for our efforts to assist women entrepreneurs access funding through SBA programs, as they are essential to the strength and vibrancy of our communities.”
In Western Massachusetts, Greenfield Savings Bank was the top lender for 504 third-party loans with 12 loans approved for $2.8 million.
The top 7(a) lender in Western Massachusetts was Greylock Federal Credit Union, which was also named the top lender to rural businesses. Greylock issued over $437,000 in 7(a) loans in 2021.
“We are grateful for SBA’s recognition of our Business Banking team’s hard work as they carried out Greylock’s mission through supporting the needs of small businesses,” Jodi Rathbun-Briggs, Greylock’s senior vice president and chief lending officer, said in a statement.
The state’s top credit union was Marlborough-based St. Mary’s Credit Union, the only credit union among the top 10 7(a) lenders statewide, with 34 SBA 7(a) loans approved for nearly $2.9 million. St. Mary’s Credit union made 47 percent of its 7(a) loans to the construction industry, making it the state’s top construction lender.
Other top lenders included:
- Avidia Bank – top lender to manufacturers
- Leader Bank – top lender to the retail trade industry
- Northern Bank and Trust Co. – top lender to restaurants
- North Shore Bank – top lender to veteran entrepreneurs
- Rockland Trust – top lender to minority entrepreneurs
This year also saw another round of Paycheck Protection Program lending, with Massachusetts businesses receiving nearly $6.9 billion in 2021 PPP loans.
