October 16, 2010 by staff
According to the Small Business Administration loans from the Bank of Eastern Massachusetts has created 414 jobs and helped retain 1392, news release from the East said.
Eastern Bank said it also ranked first in the number of SBA loans originated in New England.
“Eastern Bank is proud to lead Massachusetts and throughout New England in lending to small businesses that create jobs and stimulate economic growth,”Richard E. Holbrook, president of Bank of East and CEO, said in a statement.
Eastern Bank is the largest independent, mutually owned bank in Massachusetts, with nearly $ 7 billion in assets and more than 80 branches in the Merrimack Valley to Cape Cod.
Citizens Bank, which until recently had been the number one SBA lender, remained far behind, with 120 loans worth and 7.8 million.
Regarding the number of SBA loans, sovereign, was third with 69, Middlesex Savings, finished fourth with 67, and the TD was fifth with 56. Bank of America, the largest state retail banking, published just six SBA loans.
SBA loans, which are subsidized by the government, federal account for only a small percentage of loans to small businesses.
But most large national banks generally do not report the total amount of small business loans they issue in each state, making the overall breakdown of the most difficult to follow.
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