Eastern Bank has been named by the U.S. Small Business Administration (SBA) as the top lender to small businesses for SBA 7(a) and 504 loans in Massachusetts for the 16th consecutive year.
“Eastern is very honored to be recognized once again by the Small Business Administration as a top lender to the small business community, working together to help power the American Dream for local business owners,” said Quincy Miller, Vice Chair, President and Chief Operating Officer of Eastern Bank. “All of the ‘Sweet 16’ success goes to the SBA for their steadfast support and our colleagues, who live and work in the local communities we serve and every day take the time to understand the goals of business owners and recommend best-in-class solutions to help them get there. We thank our entire team of colleagues and community organizations whose collaboration makes this all possible.”
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 16th year in a row producing 305 loans totaling approximately $37.9 million. It was also the top banking 504 lender in Massachusetts with 23 loans totaling approximately $17.5 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, launched in 2023 to support women and entrepreneurs of color through specialized credit options, banking services and entrepreneurial resources, contributed to Eastern’s SBA lending activity, which also included being recognized by the SBA as the #1 lender to both Asian American Pacific Islander (AAPI)- and Hispanic/Latino/a/e-owned businesses.
About Eastern Bank
Founded in 1818, Eastern Bank is Greater Boston’s leading local bank with more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut. As of September 30, 2024, Eastern Bank had approximately $25.5 billion in assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes including through its Cambridge Trust Wealth Management division, the largest bank-owned independent investment advisor in Massachusetts with approximately $8.4 billion in assets under management, and takes pride in its outspoken advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, X and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the holding company for Eastern Bank. For investor information, visit investor.easternbank.com.
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