Eastern Bank named #1 SBA Lender in Mass.

Boston, MA Eastern Bank has been named by the U.S. Small Business Administration (SBA) as the top lender to small businesses for SBA 7(a) loans in Massachusetts for the 17^th consecutive year.

“Eastern is proud to once again be recognized by the SBA as the top SBA lender in Massachusetts. This achievement reflects our deep commitment to helping local business owners access the resources they need to grow and thrive,” said Quincy Miller, vice chair, president and chief operating officer of Eastern Bank. 

“We thank the SBA for creating greater opportunity for the hundreds of small businesses we served through SBA 7(a) loans during this most recent year, as well as to our tremendous colleagues who work every day to understand the goals of local entrepreneurs and deliver solutions that make a difference for their businesses, employees and communities they serve. We look forward to continuing to collaborate with the many organizations who help to ensure small businesses gain access to the capital, technical resources and networks needed to support small business and economic growth in Massachusetts.”

The SBA issues its rankings annually, based on the number of loans originated by banks in the SBA fiscal year, which runs from October 1 to September 30 of the following year. Eastern was the No. 1 SBA 7(a) lender in Massachusetts for the 17th year in a row producing 290 loans totaling approximately $43.5 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. The impact of Eastern’s Equity Alliance for Business program to support women and entrepreneurs of color through specialized credit options, banking services and entrepreneurial resources, contributed to Eastern’s SBA lending activity.

Real estate investor Greg Banks’ path to business ownership was made possible earlier this year through the help of Eastern Bank and a SBA 7(a) loan. Through his experience in multifamily, long-term and mid- to short-term rentals, he saw an opportunity to become owner of Woburn-based Set The Stage, a home staging, design, furniture and decor business. He said, “With the strong support of Eastern Bank, everything came together seamlessly, and I was able to successfully purchase a business and take a major step toward a lifelong goal. I would strongly recommend Eastern Bank to anyone looking for a highly capable lender.”