Eastern Bank No. 1 in US in SBA loans

BOSTON – For the fifth consecutive year, Eastern Bank outpaced larger competitors to rank as the No. 1 U.S. Small Business Administration (SBA) lender in New England, the bank announced. Eastern increased its SBA loan production by more than 50 percent, as it made more SBA loans in Massachusetts than the rest of the “Top 10″ lenders – combined.”Eastern Bank answers to the people and businesses on Main Street, not Wall Street,” said Richard E. Holbrook, Chairman and CEO of Eastern Bank. “We are firmly committed to seeing small businesses succeed – that’s our unique role in the market and it should be the primary focus of our peers if we want to see this economy improve.”Eastern Bank made 688 SBA loans in New England totaling more than $38 million, according to the SBA’s Boston District Office. In addition, Eastern ranked No. 1 in the origination of 504 SBA first mortgage loans in New England for the second consecutive year with 35 loans worth more than $13 million. The rankings are issued annually in October, based on the number of loans originated by banks in the SBA fiscal year, which runs Oct. 1 to Sept. 30.Eastern’s 672 SBA loans made in Massachusetts created 984 jobs and retained 1,709 jobs, according to SBA data self-reported by the bank.”Congratulations to Eastern Bank on yet another solid year of SBA lending utilizing both our 7(a) and 504 loan programs. Capital is the fuel that small businesses need to start and grow and the significant volume of SBA loan approvals by Eastern Bank is a firm testament to the bank’s support of small business and the community,” said SBA Massachusetts District Director Robert H. Nelson.Small business accounts for 99.7 percent of all employers in the United States and employs half of the nation’s private sector workforce. Small firms pay 44 percent of the total U.S. private payroll, have generated 65 percent of net new jobs over the past 17 years, and hire 43 percent of high tech workers, according to the SBA.SBA loans are intended to help businesses that may not qualify for conventional loans get the funds they need to start, grow and expand. In 2001, Eastern Bank’s experience with processing and servicing SBA-guaranteed loans earned it the designation as a preferred lender, allowing it to speed up the loan approval process significantly.Starting in 2008, Eastern Bank placed a greater emphasis on providing SBA loans, including the addition of an SBA specialist to its team of business banking professionals.Founded in 1818 and based in Boston, Eastern Bank is the largest and oldest mutual bank in the country, with $9.8 billion in assets and more than 100 branches serving communities in eastern Massachusetts and southern and coastal New Hampshire.