Eastern Bank Named #1 SBA Lender In New England For The 10th Year In A Row
BOSTON – Eastern Bank, America’s oldest and largest mutual bank, has been named by the U.S. Small Business Administration as one of the top lenders to small businesses. Eastern Bank ranked as the No. 1 U.S. Small Business Administration (SBA) lender in Massachusetts for the 11th consecutive year. Eastern is also the No. 1 SBA lender in New England for the 10th consecutive year.
“Small businesses are vital to ensuring our local neighborhoods and communities thrive,” said Quincy Miller, Vice Chair and President of Eastern Bank. “We recognize the importance of giving small business owners and entrepreneurs the start they need to begin and then grow their businesses, and thank them for turning to Eastern for their cash management, lending, and other banking solutions.”
The rankings are issued annually in October by the SBA, based on the number of loans originated by banks in the SBA fiscal year, which runs from Oct. 1 to Sept. 30. According to the SBA’s latest year of data, Eastern was the No. 1 SBA 7(a) lender in Massachusetts for the 11th year in a row with 415 loans totaling approximately $41.7 million, and the top banking 504 lender with 32 loans totaling approximately $27 million. Across New England, Eastern made 466 7(a) loans totaling more than $51.5 million. Eastern also ranked No. 1 in the origination of 504 SBA first mortgage loans in New England for the seventh consecutive year with 42 loans totaling $35.1 million.
SBA loans are intended to help businesses that may not qualify for conventional loans get the funds they need to start, grow, and expand. In the past year, Eastern added new capabilities in mobile and online banking, making it easier and more efficient for small businesses to manage their business banking needs. Many small businesses also rely on Eastern’s footprint of branches and commercial banking services to help them as they grow. To further accelerate the growth of minority entrepreneurs and minority-owned small businesses, Eastern also seeded an independent non-profit, the Foundation for Business Equity, in 2017.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank is America’s oldest and largest mutual bank, with over $11 billion in assets and more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter, and Instagram.