Avidia, St. Mary's, Rockland were top SBA lenders to key industries
Photo | Grant Welker
Avidia Bank
Central Massachusetts financial institutions St. Mary's Credit Union, Avidia Bank, and Rockland Trust were the top lenders of federal small business loans to three key Massachusetts industries for fiscal 2021, according to a Monday announcement from the U.S. Small Business Administration.
St. Mary’s Credit Union of Marlborough was named the state’s SBA Credit Union of the Year and named the No. 1 lender to construction. The credit union awarded 34 SBA 7(a) loans totaling just shy of $3 million, with 47% of that going to the construction industry, according to the SBA. St. Mary’s was the only credit union among the top 10 financial institutions in Massachusetts for 7(a) loan approvals.
Avidia Bank of Hudson, which approved 12 SBA 7(a) loans totaling $6.2 million, was the district’s top lender to manufacturers, with 40% of loans made to that industry, per the announcement.
Thirdly, Rockland Trust, a bank headquartered in Hanover but with a growing presence in Central Massachusetts, was designated as the state’s No. 1 lender to minority entrepreneurs, having approved 32 SBA 7(a) loans totaling over $16 million. Of those, 41% were made to minority-owned businesses.
SBA 7(a) dollar amounts were up 69% year-over-year, according to the state’s SBA office. Across 113 lenders, $970.47 million was lent to support 1,533 small businesses.
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