SBA honors banks with regional ties
Several banks and a credit union with operations in Central Massachusetts have been honored by the state’s office of the U.S. Small Business Administration (SBA) for lending to businesses during the 2014 federal fiscal year, the federal agency announced.
Natick-based Middlesex Savings Bank was named the top lender to new business. The award goes to the lender who approved the highest percentage of loans to businesses in operation for less than two years. Middlesex approved 61 percent of its total volume to early-stage businesses.
Meanwhile, Workers’ Credit Union, based in Fitchburg, was named “credit union of the year,” having approved 25 loans totaling nearly $2 million.
Other honored banks with offices in Central Massachusetts, according to a statement from the SBA, were:
- Eastern Bank, as the top third-party lender (by numbers). Eastern participated in 33 “certified development company” projects totaling $11.8 million.
- Santander Bank, as the top lender to restaurants. Santander approved 38 percent of its total loan volume to entrepreneurs in the restaurant business.
- Enterprise Bank and Trust Co., as the top SBA export lender. It approved 13 percent of its loans to firms that export. Enterprise has three branches in Central Massachusetts.
- Bristol County Savings Bank, which has a branch in Franklin, as the top lender to minorities. It approved 42 percent of all its loans to minorities.
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