New Hampshire SBA Recognizes Leading Lenders: Announces 2016 Lender Awards
October 17, 2016, Concord, NH – The New Hampshire district office of the U.S. Small Business Administration announced today its 2016 lender awards.
“In 2016 our lending partners in New Hampshire stepped up their efforts to provide greater access to capital throughout the state,” said Greta Johansson, district director of the SBA in Concord. “We know that small businesses are an integral part of the economy here and the SBA is committed to providing both financial and technical assistance to New Hampshire’s entrepreneurs.”
In fiscal year 2016, the New Hampshire district office guaranteed a total of 600 loans totaling nearly $112 million through its two main loan programs, the 7(a) Loan Guaranty Program and the 504 Loan Program. The 7(a) loan program is the SBA’s most used program because of its flexibility in loan structure and variety of uses. The number and dollars of 7(a) loans increased significantly over last year, 9% and 6% respectively.
SBA will be honoring leading lenders in both the 7(a) and 504 loan programs:
Eastern Bank approved 48 loans making them the leading NH SBA 7(a) lender based on total number of loans. The bank was the leading SBA 7(a) lender in New England approving 855 loans for nearly $54 million.
The Provident Bank approved $6.1 million in loans in New Hampshire, making them leading local 7(a) lender in total dollars. Additionally, The Provident Bank approved over $8.2 million in loans in Maine, Massachusetts and New Hampshire.
Granite State Development Corporation was NH SBA’s leading Certified Development Company (CDC) in both numbers and total dollars, approving 75 504 loans for over $28 million. Also, Granite State was the leading CDC in New England, approving 219 504 loans for over $123 million throughout the region.
Special recognition also goes to:
NH SBA Leading 504 Participant Bank – Enterprise Bank & Trust
Awarded to the lender that participated in the greatest number of 504 projects, Enterprise participated in 11 projects providing nearly $5 million of long term financing, which supported total financing of $9 million.
Emerging Lender – Kennebunk Savings Bank
Kennebunk significantly increased their lending volume in NH this year providing 14 7(a) loans to NH businesses. With this increased level of activity the bank demonstrated their commitment to SBA lending programs.
Outstanding Achievement Awards – Merrimack County Savings Bank and Triangle Credit Union
Merrimack County Savings Bank achieved a 110% increase in the number of loans approved in the state. The bank has been a long term participant in the SBA lending programs, utilizing both 7(a) and 504.
Triangle Credit Union realized a 180% increase in the number of loans approved in New Hampshire. The credit union has participated with SBA for several years and has been a consistent provider of SBA loans in the greater Nashua/Manchester area.
Outstanding Partner Awards– Northway Bank and Citizens Bank
This award recognizes the long-term and valuable partnership of Northway Bank with the NH SBA district office. Historically the bank was the number one provider of SBA loans in NH and over the last several years has ranked in the top 3.
Citizens Bank is another long-term SBA partner in NH and this year provided 47 7(a) loans for $3.4 million. New England wide, the bank originated 367 SBA loans for over $53 million.
SBA recognized these lenders at the Annual Lender Awards ceremony in Bedford on Friday, October 14th hosted by the NH SBA office and the NH Bankers Association. For more information regarding SBA’s guaranty lending programs, please contact the SBA New Hampshire district office at (603) 225-1400 or visit www.sba.gov/nh.