BOSTON–(COMMERCIAL THREAD) –East shore was named by the Small Business Administration (SBA) of the United States as one of the leading small business lenders for SBA 7 (a) and 504 loans. Eastern Bank ranked # 1 among Small Business Lenders US Business Administration (SBA) in Massachusetts for the 12th consecutive year. Eastern is also the # 1 SBA lender in New England for the 11th consecutive year.
“In a year of extraordinary disruption and uncertainty for small businesses, Eastern is committed to offering our assistance, ”said Quincy Miller, President of Eastern Bankshares, Inc. and Vice President and President of Eastern Bank. “SBA’s support for the Eastern Small Business Impact Loan Fund and the separate Federal Paycheck Protection Program (PPP) has provided essential assistance during this rapidly evolving year, and we thank the SBA, our colleagues and all. those in the community who have teamed up to provide a source of capital and relief for small businesses when they need it most.
The SBA publishes its rankings each year, based on the number of loans issued by banks during the SBA fiscal year, which runs from October 1 to September 30 of the following year. According to the latest year of data from the SBA, a significant volume of lending in the sector occurred during the first half of the year. Eastern was the # 1 SBA 7 (a) lender in Massachusetts for the 12th consecutive year with 426 loans totaling approximately $ 41.2 million, and the # 1 bank lender 504 with 19 loans totaling approximately $ 12.9 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 difficult economic conditions created by the global pandemic and the demand for help provided by the CARES Act and PPP loans, the SBA reported healthy loan numbers for the 7 (a) and 504 loan programs.
At the onset of the pandemic in March 2020 and before PPP loans became available, Eastern announced a $ 5 million small business impact loan fund for existing customers in need of working capital to help finance their operations. Two hundred of Eastern’s total SBA loans directly supported this fund, which was fully subscribed within weeks and provided an important bridge to capital before the PPP loans were put in place.
In addition to the small business loans on which the SBA based its ranking, Eastern made about 8,800 PPP loans for a total of about $ 1.1 billion, third among Massachusetts lenders based on totals of publicly disclosed loans.
About Banque Orientale
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, 2020, Eastern Bank had total assets of approximately $ 15.5 billion. Eastern provides banking, investment and insurance products and services to consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group subsidiary. Eastern is proud of its outspoken advocacy and community support which has exceeded $ 140 million in charitable giving since 1999. An inclusive company, Eastern employs more than 1,800 deeply committed professionals who value relationships with their clients, colleagues and their communities. Join us for good at www.Easternbank.com and follow east on Facebook, LinkedIn, Twitter and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the holding company of Eastern Bank. For more investor information, visit investor.Easternbank.com.