Mass. SBA loans top $595M
Massachusetts small business owners received 2,397 loans worth more than $595 million from the U.S. Small Business Administration in fiscal year 2014, which ended September 30, according to an announcement by Massachusetts SBA Director Robert H. Nelson.
The SBA guaranteed 2,112 loans through its flagship 7(a) Loan Guaranty Program for a total of more than $295 million, the SBA said. These loans are available to purchase or construct real estate, equipment and inventory, to finance fixtures and leasehold improvements, and for working capital.
The Certified Development Company/504 Loan Program, which are used to construct, purchase or rehabilitate fixed assets such as land, buildings, and machinery and equipment, posted its best year ever with 215 loans supporting more than $128 million, according to the SBA
Massachusetts ranked third out of 68 SBA offices nationwide for number of 7(a) and 504 loans approved, it said. The state also led the nation on loans of less than $50,000 and on loans of less than $150,000, the SBA said.
“We are fortunate to have such committed lending partners in Massachusetts who are so dedicated to our small businesses across the state,” Nelson said in a statement. “Our loan products helped nearly 150 lenders keep credit flowing to small business customers, including many customers in traditionally underserved communities.”
The SBA said that Eastern Bank was leading SBA 7(a) lender in Massachusetts for the fifth year in a row with 672 loans totaling more than $37 million; it also led the state for 504 loans with 33 loans totaling over $11 million.
Santander Bank was the second highest producer with 121 loans just over $15 million and Rockland Trust Company was third with 109 loans totaling over $16 million. Completing the list of top ten SBA lenders in Massachusetts are Citizens Bank, Leader Bank, TD Bank, South Shore Bank, Cambridge Savings Bank, Commerce Bank & Trust Company, and Unibank for Savings, the SBA said.
Nationally, the SBA 7(a) Loan Program had 52,044 7(a) approvals worth $19.19 billion representing an increase of 12 percent by number of loans approved and 7.4 percent in dollar amount approved over fiscal year 2013.
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