Eastern Bank Ranked Top Small Business Lender in Massachusetts

Wednesday, October 24, 2018
GoLocalWorcester Business Team

Eastern Bank
Eastern Bank was the number one Small Business lender in Massachusetts for the tenth straight year with 565 loans totaling $43.29 million, according to U.S. Small Business Administration’s FY18 lending numbers.

Eastern Bank was also the top third-party lender with 29 loans totaling $10.87 million.

“177 active SBA lenders in our Massachusetts network are supporting job creation and economic growth in our local communities every day. 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,”  said Robert H. Nelson, SBA Massachusetts District Director.

Eastern is also the number one Small Business lender in New England.

Top 10 Lenders

While Eastern Bank was number one, TD Bank ranked as the second highest producer of 7(a) loans with 227 approvals totaling $14.2 million.

Citizens Bank ranked third with 144 loans totaling over $21.14 million.

Completing the list of top ten SBA lenders in Massachusetts are Independence Bank, Leader Bank, Berkshire Bank, Salem Five, Santander Bank, Rockland Trust, and Cambridge Savings Bank.

Small Business Administration Lending

Overall, The U.S. Small Business Administration’s FY18 lending numbers showed that it guaranteed over $30 billion to small businesses that otherwise would not have had access to capital.

“We are providing tools, resources, and access to capital for America’s 30 million small businesses, and our FY18 numbers bear that out. SBA’s 7(a) and 504 loan programs have never been more dynamic, easy to use and accessible—helping small businesses succeed and thrive. Our loan programs in FY18 continue to show strong performance, and we believe the President’s tax cuts and deregulatory actions will help more small businesses grow and prosper in the coming year,” said SBA Administrator Linda McMahon.

In FY18 there were approximately 60,353 7(a) loans made, with a total dollar amount of $25.37 billion.

The SBA’s 504 loan program had another year of high performance for lending, with 5,874 loans made for a total dollar amount of over $4.75 billion.

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