bankHometown News

bankHometown recognized by SBA as a Top Lender in CT Market

HARTFORD, CT – The U. S. Small Business Administration (SBA) announced its 2017 Eagle Award recipients at its Annual Lenders & Partners Meeting yesterday at Stony Creek Brewery in Branford, CT.

The SBA lending results in Connecticut for the federal government’s fiscal year ending September 30, 2017 reported positive trends.

SBA in Connecticut supported over $284 million dollars in loans through its three premier loan programs: the 7a Loan Guaranty Program, the Certified Development Company/504 Loan Program and the Micro-Loan Program. Connecticut surpassed last year’s loan volume total by 3 percent for a grand total of 819 loans. As a result of these loans, over 6,200 jobs were either created or retained in Connecticut.

bankHometown was recognized as the Top Lender in the 504 Loan Program category, based on loan amount in the state of Connecticut.

The SBA 504 Loan program is a powerful economic development loan program that offers small businesses another avenue for business financing, while promoting business growth, and job creation.  As of February 15, 2012, the $50 Billion in 504 loans has created over 2 million jobs.  This program is a proven success and win-win-win for the small business, the community and participating lenders.

The 504 Loan Program provides approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization.  504 loans are made available through Certified Development Companies (CDCs), SBA’s community based partners for providing 504 Loans.