Eastern Bank Named #1 SBA Lender in Massachusetts for the 16th Year in a Row
Eastern Bank has been named the top lender for SBA 7(a) and 504 loans in Massachusetts for the 16th consecutive year. The bank originated 305 SBA 7(a) loans totaling $37.9 million and 23 banking 504 loans worth $17.5 million during the SBA fiscal year. Eastern's Equity Alliance for Business program, launched in 2023, contributed to their lending activity, leading to recognition as the #1 lender to Asian American Pacific Islander and Hispanic/Latino/a/e-owned businesses.
Eastern Bank è stata nominata la migliore banca per prestiti SBA 7(a) e 504 in Massachusetts per il 16° anno consecutivo. La banca ha originato 305 prestiti SBA 7(a) per un totale di 37,9 milioni di dollari e 23 prestiti bancari 504 del valore di 17,5 milioni di dollari durante l'anno fiscale SBA. Il programma Equity Alliance for Business di Eastern, lanciato nel 2023, ha contribuito alla loro attività di prestito, portando al riconoscimento come il prestatore #1 per le imprese di proprietà di asian american, pacific islander e hispanico/latino/a/e.
Eastern Bank ha sido nombrado el mejor prestamista de préstamos SBA 7(a) y 504 en Massachusetts por 16.º año consecutivo. El banco originó 305 préstamos SBA 7(a) que totalizan $37.9 millones y 23 préstamos bancarios 504 por un valor de $17.5 millones durante el año fiscal de la SBA. El programa Equity Alliance for Business de Eastern, lanzado en 2023, contribuyó a su actividad de préstamos, llevando a su reconocimiento como el prestamista #1 para las empresas de propiedad de asiático-americanos, islas del Pacífico y hispano/latino/a/e.
동부은행이 매사추세츠에서 SBA 7(a) 및 504 대출의 최고의 대출 기관으로 16년 연속 선정되었습니다. 이 은행은 SBA 회계 연도 동안 총 3억590만 달러의 305개의 SBA 7(a) 대출과 1천750만 달러 가치의 23개의 504 은행 대출을 origination했습니다. 비즈니스를 위한 Equity Alliance 프로그램은 2023년에 시작되어 그들의 대출 활동에 기여하며 아시아계 미국인, 태평양 섬 주민, 히스패닉/라틴계 기업의 최고 대출 기관으로 인정을 받게 되었습니다.
Eastern Bank a été nommé le meilleur prêteur pour les prêts SBA 7(a) et 504 dans le Massachusetts pour la 16e année consécutive. La banque a accordé 305 prêts SBA 7(a) totalisant 37,9 millions de dollars et 23 prêts bancaires 504 d'une valeur de 17,5 millions de dollars durant l'exercice fiscal de la SBA. Le programme Equity Alliance for Business d'Eastern, lancé en 2023, a contribué à ses activités de prêt, lui valant la reconnaissance en tant que prêteur n°1 pour les entreprises appartenant à des asiatiques américains, des insulaires du Pacifique et des hispaniques/latinos/a/e.
Eastern Bank wurde zum 16. Mal in Folge als bester Kreditgeber für SBA 7(a) und 504 Kredite in Massachusetts ausgezeichnet. Die Bank vergab 305 SBA 7(a) Kredite im Gesamtwert von 37,9 Millionen Dollar und 23 Banken 504 Kredite im Wert von 17,5 Millionen Dollar während des SBA-Geschäftsjahres. Das Programm Equity Alliance for Business von Eastern, das 2023 ins Leben gerufen wurde, trug zu ihren Kreditaktivitäten bei und führte zur Anerkennung als bester Kreditgeber für Unternehmen im Besitz von asiatisch-amerikanischen, pazifischen Inselbewohnern und hispanischen/latino/a/e.
- Maintained #1 SBA lender position in Massachusetts for 16 consecutive years
- Generated 305 SBA 7(a) loans worth $37.9 million
- Produced 23 banking 504 loans totaling $17.5 million
- Achieved #1 lender status for AAPI and Hispanic/Latino/a/e-owned businesses
- None.
Insights
Eastern Bank's continued dominance in SBA lending in Massachusetts demonstrates strong market leadership and commitment to small business financing. The bank originated
The Equity Alliance for Business program launch shows strategic positioning in the growing diverse business segment. However, the direct revenue impact from these SBA programs is due to the small loan sizes and government guarantees that compress margins. The real value lies in relationship building and cross-selling opportunities with these small business clients as they grow.
“Eastern is very honored to be recognized once again by the Small Business Administration as a top lender to the small business community, working together to help power the American Dream for local business owners,” said Quincy Miller, Vice Chair, President and Chief Operating Officer of Eastern Bank. “All of the ‘Sweet 16’ success goes to the SBA for their steadfast support and our colleagues, who live and work in the local communities we serve and every day take the time to understand the goals of business owners and recommend best-in-class solutions to help them get there. We thank our entire team of colleagues and community organizations whose collaboration makes this all possible.”
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
About Eastern Bank
Founded in 1818, Eastern Bank is Greater Boston’s leading local bank with more than 110 locations serving communities in eastern
View source version on businesswire.com: https://www.businesswire.com/news/home/20241121049025/en/
Media contact:
Andrea Goodman
Eastern Bank
a.goodman@easternbank.com
781-598-7847
Investor contact:
Jill Belliveau
Eastern Bankshares, Inc.
InvestorRelations@easternbank.com
781-598-7920
Source: Eastern Bank
FAQ
How many SBA 7(a) loans did Eastern Bank (EBC) originate in Massachusetts?
What is Eastern Bank's (EBC) ranking for SBA loans in Massachusetts?
How many 504 loans did Eastern Bank (EBC) provide in Massachusetts?
When did Eastern Bank (EBC) launch its Equity Alliance for Business program?
