(NOTE: Eastern Bank has a location in Wilmington at 370 Main Street.)
BOSTON, MA — 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 10th consecutive year. Eastern is also the No. 1 SBA lender in New England for the 9th consecutive year.
“We are proud to be recognized as a leader partner to the small business community,” said Quincy Miller, Vice Chair and President of Eastern Bank. “Investing in the future of small businesses supports the growth and prosperity of our local economy and neighborhoods. Whether a small business, for example, is looking for a line of credit to purchase inventory, a term loan to support capital expansion or a real estate loan to buy a building, we help them to meet their needs and continue to work with them as they grow and become larger enterprises.”
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 October 1 to September 30. According to the SBA’s latest year of data, Eastern was the No. 1 SBA 7(a) lender in Massachusetts for the tenth year in a row with 565 loans totaling approximately $43.3 million, and the top banking 504 lender with 29 loans totaling approximately $10.9 million. Across New England, Eastern made 625 7(a) loans totaling more than $48 million; these SBA loans created 1,764 jobs and retained 1,900 jobs. Eastern also ranked No. 1 in the origination of 504 SBA first mortgage loans in New England for the sixth consecutive year with 37 loans totaling $16.6 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. Starting in 2008, Eastern Bank placed a greater emphasis on providing SBA loans, including the addition of an SBA specialist to its team of business banking professionals. Its services have grown ever since, and in 2016, Eastern introduced its Express Business Loan, which provides funding up to $100,000 to small business owners within minutes. Since then, Eastern Bank has grown its team of business banking professionals by 78%, and more than 2,246 businesses have benefited from Express Business Loans. Many small businesses also rely on Eastern’s footprint of more than 90 branches and commercial banking services to help them as they grow. To further help accelerate the growth of minority entrepreneurs and minority-owned small businesses, Eastern also launched the Business Equity Initiative in 2017.
About Eastern Bank
Founded in 1818 and celebrating its 200super script th anniversary in 2018, Boston-based Eastern Bank is America’s oldest and largest mutual bank, with $11 billion in assets and over 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire and Rhode Island. Eastern provides exceptional access to fairly priced banking, investment and insurance products and services for consumers and businesses of all sizes. Eastern Bank, which includes Eastern Wealth Management and Eastern Insurance, is known for its outspoken advocacy and community support that has exceeded more than $110 million in charitable giving since 1999. An inclusive company, Eastern employs 1,900+ deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at http://www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram.
(NOTE: The above press release is from Eastern Bank.)
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