Beverly Bank Named Small Business Lender of the Quarter

BEVERLY, MA (from Beverly Bank) – Beverly Bank has been awarded the Small Business Lender of the Quarter for the third quarter of fiscal year 2017 by the Small Business Administration (SBA).

"Beverly Bank earned this recognition for increasing productivity by currently doubling their loan approvals from the previous year and adding 11 loan approvals in the third quarter," said Robert Nelson, SBA Massachusetts District Director. "Congratulations to the team at Beverly Bank for positively impacting the north shore business community."

This award was presented to Beverly Bank in recognition of excellent SBA activity for the quarter. As of the end of June 2017, Beverly Bank made 12 loans in total this fiscal year – 1 loan in FY17 Q1 and 11 loans in FY17 Q3. This is the largest increase in production for any lender from the previous quarters (1,100%).

"Beverly Bank is committed to small business lending and we are proud to receive this award," said Michael Wheeler, Beverly Bank President and CEO. "The US Small Business Administration has been an important partner in our granting of loans to small business. With long-standing ties to our community, Beverly Bank understands the importance of small businesses in developing and retaining a strong community. We have strategically focused on growing our small business lending and utilizing the US Small Business Administration programs to assist us."

The SBA offers a variety of loan guaranty programs including 7(a), SBA Express, Veteran Advantage Program, Small Loan Advantage (SLA) and CDC/504 Loans. SBA loans are guaranteed up to $5 million and are available for most business purposes, such as purchasing commercial real estate, equipment and inventory, or for providing short-term working capital.

Image via Beverly Bank