BOSTON--(BUSINESS WIRE)--Eastern Bank has been named by the U.S. Small Business Administration (SBA) as the top lender to small businesses for SBA 7(a) and 504 loans in Massachusetts for the 13th consecutive year.
“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,” said Quincy Miller, President of Eastern Bankshares, Inc. and Vice Chair and President of Eastern Bank. “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.”
The SBA issues its rankings annually, based on the number of loans originated by banks in the SBA fiscal year, which runs from October 1 to September 30 of the following year. Eastern was the No. 1 SBA 7(a) lender in Massachusetts for the 13th year in a row with 185 loans totaling approximately $35.7 million, and the top banking 504 lender with 30 loans totaling approximately $31.2 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. Even with the challenging economic conditions created by the global pandemic and demand for aid provided by the CARES Act and PPP loans, the SBA reported healthy loan numbers for the 7(a) and 504 loan programs. In addition to the small business lending on which the SBA based its rankings, Eastern delivered approximately 6,600 PPP loans through September 30, 2021, combining for a total of over 15,500 PPP loans totaling approximately $1.7 billion since the start of the pandemic.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank has more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, 2021, Eastern Bank had approximately $17 billion in total assets. Eastern provides banking, investment and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group LLC subsidiary. Eastern takes pride in its outspoken advocacy and community support that includes $240 million in charitable giving since 1994. An inclusive company, Eastern employs approximately 1,900 deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the stock holding company for Eastern Bank. For investor information, visit investor.easternbank.com.