An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Eastern Bank Named #1 SBA Lender in Massachusetts for the 14th Year in a Row
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Eastern Bank has been recognized as the top lender to small businesses in Massachusetts for the 14th consecutive year by the U.S. Small Business Administration (SBA). For the fiscal year ending September 30, the bank originated 251 SBA 7(a) loans totaling approximately $35.7 million and was also the leading 504 lender with 19 loans amounting to around $27.1 million. This recognition underscores Eastern Bank's commitment to supporting local businesses with essential financial solutions.
Positive
Ranked as the top SBA 7(a) lender in Massachusetts for 14 consecutive years.
Originated 251 loans worth approximately $35.7 million in the last fiscal year.
Recognized as the top 504 lender with 19 loans totaling about $27.1 million.
Negative
None.
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 14th consecutive year.
“Small businesses are the heart and soul of our neighborhoods and essential to a thriving, local economy, and we are so very proud to work alongside the Small Business Administration in helping Massachusetts business owners achieve the reality of business ownership,” said Quincy Miller, Vice Chair and President of Eastern Bank. “Eastern’s team of Branch Managers and Business Bankers are deeply committed to offering business owners a full suite of solutions to launch, operate and grow a business no matter their starting point, and we are honored to be recognized once again by the SBA as a top lender to the small business community.”
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 14th year in a row with 251 loans totaling approximately $35.7 million, and the top banking 504 lender in terms of gross dollar amount with 19 loans totaling approximately $27.1 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.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, 2022, Eastern Bank had approximately $22 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 2,100 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.
What is the significance of Eastern Bank being named the top lender for small businesses in Massachusetts?
Being named the top lender by the SBA signifies Eastern Bank's strong presence and commitment to supporting small businesses in Massachusetts, which can positively influence its reputation and customer base.
How many SBA 7(a) loans did Eastern Bank originate in the last fiscal year?
Eastern Bank originated 251 SBA 7(a) loans totaling approximately $35.7 million in the last fiscal year.
What is the total amount for which Eastern Bank was recognized as the top 504 lender?
Eastern Bank was recognized as the top 504 lender with 19 loans totaling about $27.1 million.
How does Eastern Bank's performance in SBA loans affect EBC stock?
Eastern Bank's performance in SBA loans can enhance its financial stability and growth prospects, which may positively influence the stock performance of Eastern Bankshares, Inc. (EBC).
