SBA Community Advantage Program Announcement<\/title>\n<\/head>\n<body>\n <div>\n \n <\/div>\n<\/body>\n<\/html>\n\n\n<\/body>\n<\/html>\n<body>\n <h1>Robust Growth in SBA Lending Activities<\/h1>\n\n <p>Robert H. Nelson, District Director for the U.S. Small Business Administration\u2019s Massachusetts District Office,\n proudly announced the fiscal year-end achievements for Massachusetts. SBA lending in the Commonwealth witnessed\n a remarkable 11.9% increase in combined 7(a)\/504 flagship lending year-over-year, with the total dollar amount\n rising by 7.5% from $571,612,600 to $614,563,500.<\/p>\n\n <h2>Dynamics of 7(a) and 504 Approvals<\/h2>\n\n <p>7(a) loan approvals experienced an impressive surge of 27.5%, reaching 1,434 approvals from 1,125. However, 504\n approvals decreased by 39.9%, highlighting a shift in lending dynamics. Notably, Western Massachusetts saw a\n significant bright spot with a 71.4% increase in 504 loan approvals, signaling positive economic development in\n the region. Microloan approvals also witnessed a substantial rise of 65.9%, climbing from 85 to 141 approvals\n in FY 23.<\/p>\n\n <h2>Empowering Underserved Communities<\/h2>\n\n <p>Protected class categories showed substantial growth, affirming the SBA’s commitment to fostering an inclusive\n entrepreneurial ecosystem. Loan approvals for Black\/African American entrepreneurs surged by 79%, Hispanic\n American approvals increased by 37%, Asian American approvals rose by 41.8%, and Native American approvals grew\n by 40%, showcasing the SBA’s dedication to supporting a diverse range of businesses.<\/p>\n\n <h2>SBA’s Impact and Leading Lenders<\/h2>\n\n <p>Robert H. Nelson highlighted the collective impact, stating that “the SBA, with 165 lending partners, supported\n capital to 1,775 small businesses for over $855 million in Massachusetts.” Eastern Bank retained its position as\n the #1 SBA 7(a) lender for the 15th consecutive year, with TD Bank and Needham Bank securing the second and\n third spots, respectively.<\/p>\n\n <h2>Top Performers in the 504 Loan Program<\/h2>\n\n <p>The 504 Loan Program, supporting a total of $416,982,407, recognized Bay Colony Development Corp. as the highest\n producer, followed by Granite State Economic Development Corp. and New England Certified Development Corp.<\/p>\n\n <h2>Microloan Program Success<\/h2>\n\n <p>The SBA Microloan Program, through nine intermediaries, approved 141 loans totaling $3,270,430. Common Capital\n led in volume, with Community Teamwork, Inc., South Eastern Economic Development Corp., and Ascendus, Inc. also\n making significant contributions.<\/p>\n\n <p>Massachusetts District Office of the SBA, in collaboration with its dedicated lending and resource partners,\n achieved a resilient fiscal year, supporting small businesses and underserved communities. The commitment to\n building an equitable entrepreneurship ecosystem remains unwavering, even in the face of rising interest\n rates.<\/p>\n<\/body>\n\n <p><i>Follow <a href=\"https:\/\/cogoglobal.com\/\" target=\"_blank\" rel=\"noopener\"> COGO!<\/a> For getting automatic updates of new webinars regarding funding options, and new business trainings hosted related to SBA.<\/i><\/p>\n <\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div style=\"line-height:1.4;margin:0;padding:0;width:100%!important\">\n<div><a name=\"m_6551226819747680807_x_x_gd_top\" id=\"m_6551226819747680807x_x_gd_top\"><\/a><\/p>\n<table width=\"100%\" cellpadding=\"0\" cellspacing=\"0\" border=\"0\" align=\"center\">\n<tbody>\n<p>Robert H. Nelson, District Director for the U.S. Small Business Administration\u2019s Massachusetts District Office, proudly announced the fiscal year-end achievements for Massachusetts. SBA lending in the Commonwealth witnessed a remarkable 11.9% increase in combined 7(a)\/504 flagship lending year-over-year, with the total dollar amount rising by 7.5% from $571,612,600 to $614,563,500.<\/p>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5406","post","type-post","status-publish","format-standard","hentry","category-news-events"],"_links":{"self":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts\/5406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/comments?post=5406"}],"version-history":[{"count":1,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts\/5406\/revisions"}],"predecessor-version":[{"id":5407,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts\/5406\/revisions\/5407"}],"wp:attachment":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/media?parent=5406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/categories?post=5406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/tags?post=5406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

\n $\"USA$ \n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n

<\/a>\n\n\n\n \n \n\n\n\n \n\n\n \n \n SBA Community Advantage Program Announcement<\/title>\n<\/head>\n<body>\n <div>\n \n <\/div>\n<\/body>\n<\/html>\n\n\n<\/body>\n<\/html>\n<body>\n <h1>Robust Growth in SBA Lending Activities<\/h1>\n\n <p>Robert H. Nelson, District Director for the U.S. Small Business Administration\u2019s Massachusetts District Office,\n proudly announced the fiscal year-end achievements for Massachusetts. SBA lending in the Commonwealth witnessed\n a remarkable 11.9% increase in combined 7(a)\/504 flagship lending year-over-year, with the total dollar amount\n rising by 7.5% from $571,612,600 to $614,563,500.<\/p>\n\n <h2>Dynamics of 7(a) and 504 Approvals<\/h2>\n\n <p>7(a) loan approvals experienced an impressive surge of 27.5%, reaching 1,434 approvals from 1,125. However, 504\n approvals decreased by 39.9%, highlighting a shift in lending dynamics. Notably, Western Massachusetts saw a\n significant bright spot with a 71.4% increase in 504 loan approvals, signaling positive economic development in\n the region. Microloan approvals also witnessed a substantial rise of 65.9%, climbing from 85 to 141 approvals\n in FY 23.<\/p>\n\n <h2>Empowering Underserved Communities<\/h2>\n\n <p>Protected class categories showed substantial growth, affirming the SBA’s commitment to fostering an inclusive\n entrepreneurial ecosystem. Loan approvals for Black\/African American entrepreneurs surged by 79%, Hispanic\n American approvals increased by 37%, Asian American approvals rose by 41.8%, and Native American approvals grew\n by 40%, showcasing the SBA’s dedication to supporting a diverse range of businesses.<\/p>\n\n <h2>SBA’s Impact and Leading Lenders<\/h2>\n\n <p>Robert H. Nelson highlighted the collective impact, stating that “the SBA, with 165 lending partners, supported\n capital to 1,775 small businesses for over $855 million in Massachusetts.” Eastern Bank retained its position as\n the #1 SBA 7(a) lender for the 15th consecutive year, with TD Bank and Needham Bank securing the second and\n third spots, respectively.<\/p>\n\n <h2>Top Performers in the 504 Loan Program<\/h2>\n\n <p>The 504 Loan Program, supporting a total of $416,982,407, recognized Bay Colony Development Corp. as the highest\n producer, followed by Granite State Economic Development Corp. and New England Certified Development Corp.<\/p>\n\n <h2>Microloan Program Success<\/h2>\n\n <p>The SBA Microloan Program, through nine intermediaries, approved 141 loans totaling $3,270,430. Common Capital\n led in volume, with Community Teamwork, Inc., South Eastern Economic Development Corp., and Ascendus, Inc. also\n making significant contributions.<\/p>\n\n <p>Massachusetts District Office of the SBA, in collaboration with its dedicated lending and resource partners,\n achieved a resilient fiscal year, supporting small businesses and underserved communities. The commitment to\n building an equitable entrepreneurship ecosystem remains unwavering, even in the face of rising interest\n rates.<\/p>\n<\/body>\n\n <p><i>Follow <a href=\"https:\/\/cogoglobal.com\/\" target=\"_blank\" rel=\"noopener\"> COGO!<\/a> For getting automatic updates of new webinars regarding funding options, and new business trainings hosted related to SBA.<\/i><\/p>\n <\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div style=\"line-height:1.4;margin:0;padding:0;width:100%!important\">\n<div><a name=\"m_6551226819747680807_x_x_gd_top\" id=\"m_6551226819747680807x_x_gd_top\"><\/a><\/p>\n<table width=\"100%\" cellpadding=\"0\" cellspacing=\"0\" border=\"0\" align=\"center\">\n<tbody>\n<p>Robert H. Nelson, District Director for the U.S. Small Business Administration\u2019s Massachusetts District Office, proudly announced the fiscal year-end achievements for Massachusetts. SBA lending in the Commonwealth witnessed a remarkable 11.9% increase in combined 7(a)\/504 flagship lending year-over-year, with the total dollar amount rising by 7.5% from $571,612,600 to $614,563,500.<\/p>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5406","post","type-post","status-publish","format-standard","hentry","category-news-events"],"_links":{"self":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts\/5406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/comments?post=5406"}],"version-history":[{"count":1,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts\/5406\/revisions"}],"predecessor-version":[{"id":5407,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts\/5406\/revisions\/5407"}],"wp:attachment":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/media?parent=5406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/categories?post=5406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/tags?post=5406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}