ARLINGTON, MA– Leader Bank, N.A. was one of the top lenders in Massachusetts by volume to small businesses in 2021, according to the Massachusetts office of the U.S. Small Business Administration (SBA).
The Bank was ranked fourth in the state with 53 7(a) small business loans financed totaling more than $6 million in 2021.
“We are very proud of the work we have done in 2021 to support small businesses,” said Sushil K. Tuli, CEO of Leader Bank. “To be recognized by the Massachusetts Office of the SBA for our dedication to aiding these businesses in what has been a particularly difficult year is a great honor. We look forward to continuing to help small businesses recover and grow in the coming year.”
Leader Bank is dedicated to aiding the region’s small businesses, and has been named Massachusetts Lender of the Year to minorities by the SBA the past two years, and was also a proud participant of the SBA’s Paycheck Protection Program (PPP) in 2020 and 2021, lending more than $250 million in PPP funds to support thousands of local businesses during the hardships they have faced during the pandemic.
“We are proud to have helped these small businesses who are such an integral part of our community,” said Patrick Daaboul, Vice President SBA Administrator Commercial Lending. “Leader Bank works tirelessly to help small businesses in our community thrive, and we understand how crucial these loans were during the continued hardships business owners faced during the past year.”
The Bank has been a Preferred Lender of the SBA since 2010 and maintains a diverse suite of SBA products including term loans and lines of credit. These loans help small businesses by providing working capital, financing acquisitions of property or equipment, funding the purchase of existing businesses, and refinancing higher cost debt. Since 2015, the Bank has made over 425 SBA loans to small businesses across New England totaling more than $43.6 million in lending.