Massachusetts SBA Announces 2009 Lender Awards

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BOSTON - The Massachusetts District Office of the U.S. Small Business Administration today announced its fiscal year 2009 lender awards.

“We partnered with 134 lenders in 2009 allowing us to help small business owners in Massachusetts create new jobs and stimulate the local economy,” said Massachusetts District Director Robert H. Nelson “I want to thank all of our lenders for their continued support of our loan programs.”
                           
In fiscal year 2009, the Massachusetts District Office guaranteed a total of 1,416 loans totaling $269 million through its two main loan programs, the 7(a) Loan Guaranty Program and the Certified Development Company/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 program is most often used for working capital). The 504 loan program is available to finance long-term fixed assets including real estate and equipment at below market rates for up to 20 years.

Eastern Bank approved 156 loans making them the # 1 Massachusetts SBA Lender in Total Number of Loans. However, TD Bank approved $10 million in loans, surpassing Eastern’s dollar amount and making them the #1 Massachusetts SBA Lender in Total Dollars.

Granite State Economic Development Corp. was SBA’s leading Certified Development Corp. lending partner in Massachusetts with 90 projects totaling $37 million. Other award winners included:

SBA Credit Union of the Year – Greylock Federal Credit Union

Award for the credit union with the most loan approvals. Pittsfield-based Greylock Federal Credit Union approved 18 loans totaling $3 million.

SBA 504 3rd Party Lender of the Year – Rockland Trust Company

Awarded to the lender with participation on the greatest number of Certified Development Company/504 projects. Rockland Trust Company participated in 23 Certified Development Company projects for a total of $10 million, more than any other lender.

The following awards were given to lenders with a total loan volume of over 15 loans:

SBA Minority Lender of the Year – BankFive

Awarded to the lender who approved the highest percentage of loans to minorities in fiscal year 2009. BankFive approved 37% of their total loans to minorities.

SBA #1 Lender to Women – Berkshire Bank

Awarded to the lender who approved the highest percentage of total loans to women in fiscal year 2009. Berkshire Bank approved 53% of their total loans to women.

SBA #1 Lender to Veterans – Century Bank

Awarded to the lender who approved the highest percentage of total loans to veterans. Century Bank approved 33% of their total loans to veterans. Century Bank also was the top user of the Patriot Express Loan Program in Massachusetts for 2009.


SBA Export Lender – Middlesex Savings Bank

Awarded to the lender who approved the highest percentage of loans to businesses that participate in international trade. Middlesex Savings Bank approved 15% of their loans to firms that export.

SBA #1 Lender to Restaurants – Legacy Banks

Awarded to the lender who approved the highest percentage of loans to restaurants. Legacy Banks approved 33% of their total loan volume to entrepreneurs in the restaurant business.

#1 Lender to New Businesses - Salem Five Cents Savings Bank

Awarded to the lender who approved the highest percentage of loans to businesses in operation for less than two years. Salem Five Cents Savings Bank approved 67% of their total volume to early stage businesses.

#1 Microlender in Massachusetts - Western Massachusetts Enterprise Fund

The Microloan Program provides very small loans to start-up, newly established, or growing small businesses. Under this program, SBA makes funds available to nonprofit community based lenders which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. Western Massachusetts Enterprise Fund made a total of 32 micro loans in 2009, more than any other microlender in Massachusetts.

#1 America’s Recovery Capital (ARC) Lender – Florence Savings Bank

The ARC loan program was introduced by the SBA in June of 2009 as part of the American Recovery and Reinvestment Act. These loans are available to help stressed small businesses meet expenses during these difficult times. Since the start of the program, Florence Savings Bank has made a total of 6 ARC loan approvals, more than any other lender in Massachusetts.

SBA # 1 Lender for Job Creation – Sovereign Bank

Sovereign Bank was the third ranked SBA lender in Massachusetts in 2009 with 82 loan approvals. Through those 82 loans, Sovereign Bank helped create 141 new jobs, more than any other lender making them the # 1 Lender for Job Creation in Massachusetts for 2009.

SBA #1 Lender for Job Retention – Citizens Bank

831 Massachusetts jobs were retained through the approval of 130 loans by the second ranked SBA lender, Citizens Bank, making them the # 1 Lender for Job Retention in 2009.

For more information please call the Massachusetts District Office at (617) 565-5590 or visit our web page at www.sba.gov/ma.
If you would like to contribute information on this article, contact us at info@iberkshires.com.

Lanesborough Town Meeting to Vote Budget, Bylaws & Vehicle Purchases

By Breanna SteeleiBerkshires Staff

LANESBOROUGH, Mass. — Tuesday's annual town meeting includes a $14 million operating budget, new short-term rentals, accessory dwelling units and sign bylaws, and free cash article appropriations.

Voters will gather at Lanesborough Elementary School on June 9 at 6 p.m. to decide on 20 warrant articles.

The fiscal 2027 budget is up a little over 10 percent. Some of the main increases are the Mount Greylock Regional School District and McCann Technical School: the McCann assessment is up more than 30 percent based on factors including enrollment and the school renovation project, and Mount Greylock's is up 11 percent.

Article 11 is for the town to vote to approve from free cash the sum of $16,298.48 for the McCann Technical School roof and window replacement project so as not to impact the budget. Article 3 is  appropriate $7,586,284 for Mount Greylock Regional School assessment.

Another notable increase was in life and health insurance, showing an increase of about 26 percent.

Ambulance Director Jen Weber is planning 24-hour coverage, which means more staff and a hike in her budget. One of the articles asks the town to appropriate $234,100 to operate the Ambulance Enterprise Fund for salaries and expenses.

Many town departments are looking for new vehicles. The Fire Department is looking to replace its outdated 1996 fire engine. There are two articles related to the truck at a total of $813,366. Article 12 would transfer $225,000 from free cash into the Fire Truck Stabilization Fund; Article 13 would transfer $605,000 from the fund and authorize the borrowing of $208,366.08.

The total includes a $100,000 contingency cost to cover any additional costs if a 2026 model-year chassis cannot be secured before new emissions standards go into effect in 2027.

The board at its last meeting moved the $225,000 transfer to come before the borrowing article, changing the stabilization number. If the $225,000 is not voted on, then they will amend the next article's number on the floor, subtracting the $225,000. This shows the borrowing number significantly lower.

Article 17 asks for the transfer of $80,000 from free cash to replace a police cruiser.

Police Chief Rob Derksen's aim is to replace one vehicle every other year, meaning the oldest vehicle gets replaced about every 10 years. 

He stressed that if delayed this year, the town may have to double up in a future year to get back on schedule, and that paying later usually costs more. The article will ask for $80,000 from free cash, the vehicles used to be funded by the BHRD.

Lastly, the Highway Department is looking to replace a 2014 International dump truck that will be a total of $330,000 and will take two to three years to receive.

Money will be used from last year's approval of $250,000 from free cash for the replacement of a 2012 highway front-end loader that was underspent $49,261. Town meeting is being asked to approve  a transfer of $53,274.85 from free cash and the use of $227,464 from funds from the Sale of Town Real Estate to fund the balance.

Other free cash proposals include $1,200 to purchase software to support tracking and ongoing maintenance schedules of town-owned vehicles; $42,000 for the replacement of the Highway Department's storage shed roof, $200,000 to reduce the tax levy.

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