Eastern Bank named No. 1 SBA lender in New EnglandNovember 8, 2017
Eastern Bank named No. 1 SBA lender in New England for eighth consecutive year
BOSTON, November 8, 2017 – For the eighth consecutive year, Eastern Bank outpaced all competitors to rank as the No. 1 U.S. Small Business Administration (SBA) lender in New England, placing it among the top 12 SBA lenders nationally, the bank announced today.
“Eastern Bank is proud to once again lead the way for SBA lending in New England,” said Bob Rivers, Eastern Bank Chairman and CEO. “At Eastern, we are committed to helping people prosper, and by partnering with the SBA to provide loans to local entrepreneurs we support the small business community, which creates jobs and drives economic growth.”
Eastern made 943 7(a) SBA loans in New England totaling more than $63.5 million, according to the SBA. In addition, Eastern ranked No. 1 in the origination of 504 SBA first mortgage loans in New England for the fifth consecutive year with 47 loans worth $19.5 million. The rankings are issued annually in October, based on the number of loans originated by banks in the SBA fiscal year, which runs Oct. 1 to Sept. 30.
Eastern’s 943 7(a) SBA loans made in New England created 2,029 jobs and retained 2,733 jobs. In Massachusetts, Eastern’s 895 7(a) SBA loans created 1,722 jobs and retained 2,394 jobs, according to SBA data self-reported by the bank.
Small business accounts for 99.7 percent of all employers in the United States and employs nearly half of the nation’s private sector workforce. Small firms pay 43 percent of the total U.S. private payroll, have generated 64 percent of net new jobs over the past 18 years, and hire 43 percent of high tech workers, according to the SBA.
Women and minority groups owning small businesses are on the rise in the United States, and Eastern is committed to accelerating this important trend in the Greater Boston area. From 2007 to 2012, there has been a 38 percent increase in minority-owned small businesses and women own 36 percent of all businesses. Forty-seven percent of all minority-owned businesses are also women-owned.
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 2001, Eastern Bank’s experience with processing and servicing SBA-guaranteed loans earned it the designation as a preferred lender, allowing it to speed up the loan approval process significantly.
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. In 2016, Eastern introduced its Express Business Loan, which provides funding up to $100,000 to small business owners within minutes.
About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is America’s oldest and largest mutual bank, with over $10 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 $107 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 www.easternbank.com.Back to newsroom