Central Massachusetts financial institutions, St. Mary’s Credit Union, Avidia Bank and Rockland Trust, were the top lenders of federal small business loans to three key Massachusetts industries for fiscal 2021, according to a US Small announcement on Monday. Business Administration.
Marlborough’s St. Mary’s Credit Union was named the state’s SBA Credit Union of the Year and # 1 construction lender. The credit union made 34 SBA 7 (a) loans totaling just under $ 3 million, of which 47% went to the construction industry, according to the SBA. St. Mary’s was the only credit union among the top 10 Massachusetts financial institutions for 7 (a) loan approvals.
Avidia Bank of Hudson, which approved 12 SBA 7 (a) loans totaling $ 6.2 million, was the district’s leading lender to manufacturers, with 40% of loans going to the industry, according to the announcement.
Third, Rockland Trust, a Hanover-based bank but with a growing presence in central Massachusetts, was named the state’s top lender to minority entrepreneurs, having approved 32 SBA 7 (a) loans totaling over $ 16 million. of dollars. Of these, 41% were made to minority-owned businesses.
SBA 7 (a) dollar amounts increased 69% year-over-year, according to the state’s SBA office. Out of 113 lenders, $ 970.47 million has been loaned to support 1,533 small businesses.