Eastern Bank is top SBA lender in Mass.
Boston-based Eastern Bank said it made 320 SBA loans in Massachusetts totaling more than $17 million for the fiscal year that ended Sept. 30.
According to the Small Business Administration, Eastern Bank's Massachusetts loans created 414 jobs and helped retain 1,392 jobs, Eastern's press release said.
Eastern Bank said it also ranked first in the number of SBA loans originated in New England.
“Eastern Bank is proud to lead Massachusetts and all of New England in lending to small businesses, which create jobs and propel economic growth,” Richard E. Holbrook, Eastern Bank's chairman and chief executive, said in a statement. “Successful small business lending is a team effort among the SBA, the community and our business bankers, who are eager to meet the needs of small business owners.”
Eastern Bank is the largest independent and mutually owned bank in New England, with almost $7 billion in assets and more than 80 branches from the Merrimack Valley to Cape Cod.
Citizens Bank, which until recently had been the No. 1 SBA lender, remained a distant second with 120 loans worth $7.8 million.
In terms of the number of SBA loans, Sovereign was third with 69 loans, Middlesex Savings was fourth with 67 loans and TD Bank was fifth with 56 SBA loans. Bank of America, the state's largest retail bank, issued just three SBA loans.
SBA loans, which are subsidized by the federal government, only account for a small percentage of small business lending. But most large national banks do not typically report the overall amount of small business loans they issue in each state, making the overall breakdown more difficult to track.