SBA November Newsletter l Holiday Marketing Tips #SBAchat

Massachusetts District Office  - November 2019

u s small business administration

Join the national conversation on 11/19

Holiday Twitter Chat

Join @SBAgov and industry experts for a Twitter chat on holiday marketing tips and tricks on Tuesday, November 19th. Follow along and join the conversation with hashtag #SBAchat 

Annual Meeting Recap

On Friday, November 8th, District Director Robert H. Nelson announced the 2019 Lender Awards and the 2019 Emerging Leaders Initiative graduates at the 2019 Annual Meeting at Clark University. 

“Collectively, including 7(a), 504 and microloans, the SBA supported capital to 1971 small businesses for $722 million in Massachusetts,” said Robert H. Nelson, SBA Massachusetts District Director. “Together with over 135 different lenders using SBA loan programs, over 6,000 jobs were created and 7,600 were retained according to self-reported figures.  We thank all of our partners and friends for working with the SBA to ensure small businesses get the access to capital they need to expand.” 

Annual Meeting

 

Fiscal Year 2019 Massachusetts Lending Highlights:

  • The SBA through its flagship 7(a) Loan Guaranty Program approved 1,593 loans in Massachusetts for a total of more than $357 million supported by a network of 118 lenders, including 12 credit unions.   The smallest 7(a) loan was $5,000 and the largest was $5 million.
     
  • The 504 Loan Program approved 247 loans, supporting more than $156.31 million. Third Party loans which are part of the 504 projects, totaled in excess of $205.55 million.  Under the SBA 504 program, loans ranged from $58,000 up to $5,000,000 – with three projects in excess of $10,000,000
     
  • The SBA Microloan Program, through ten microloan intermediaries, approved 131 loans totaling $2.33 million.  Massachusetts microloan approvals increased by 22% and 12.5% by dollar amount; this was the largest growth area in the district.  

 

The SBA Emerging Leaders Initiative graduated its second cohort from Worcester – providing free entrepreneurship education and training for executives of small, poised-for-growth companies that are potential job creators.  This intensive executive entrepreneurship series includes nearly 100 hours of classroom time. It also provides opportunities for small business owners to work with experienced coaches and mentors, attend workshops, and develop connections with their peers, local leaders, and the financial community.    In its 12th year in the Commonwealth, the class of 2019 graduated 19 small businesses poised for growth – representing diverse industries including: management consulting, a hummus company and global transportation logistics.   

For more information about the Emerging Leaders program, visit:  www.sba.gov/emergingleaders

Emerging Leaders

(Jennifer LaSala; Eric Busenburg; Orieta Kristo; Melry Corra; Alison Berglund; Helder Machado; Scott Pozerski; and Bersan Shqina)

2019 Emerging Leaders Graduates:

Eric Busenburg, President of Euro-American Worldwide Logistics

Gauri Bhalakia, President of ARCpoint Labs of Southboro-Framingham

John Grossman, Owner of Holyoke Hummus Company

Todd Hickman, President of Hickman & Sgroi Electric, Inc.

Helder Machado, CEO of Machado Consulting, Inc.

Kristen Helle, Vice President of BJA Magnetics

Peter Reilly, President/CEO of American Healthcare Documentation Professionals Group, Inc.

Melry Corra, Owner of Stonelink Marble & Granite

Orieta Kristo, Principal of Horizon Insurance, Inc. 

Thomas Guertin, President of INK Products Corp.

Bersan Shqina, President of MEM – Connections, Inc.

Steven Johnson, Owner of Virtuosity

Estelle Bosch, President of TW Diesel, Inc.

Bobby King, President of BL King Consulting, LLC

Scott Pozerski, Owner of Junk King

Jennifer LaSala, Owner of Jennifer Lee’s Shoppe

John Allcott, Managing Director of Edgetech Instruments, Inc.

Rafael Hernandez, President of Acropolis Design Consultants, Inc. 

James Moore, President of Medical Component Specialists


Upcoming Events

Export

OFAC's Brad Smith to Keynote Export Expo This Year!

WHEN: Friday, December 13, 2019 / 8:30 a.m. - 4:30 p.m.
WHERE: 10 Park Plaza, Boston, MA

REGISTER

brad

Keynote Speaker:

Bradley Smith
Deputy Director, Office of Foreign Assets Control (OFAC)
U.S. Department of the Treasury

Deputy Director Smith will provide an update on major OFAC developments over the past year, such as new requirements to report blocked or rejected transactions, the new framework for compliance commitments, and ongoing sanctions developments


Small Business Resource Breakfast in Randolph
Tuesday, November 19, 2019 / 8:00 am - 10:30 am
Stetson Hall 6 S Main Street, Randolph, MA
SBA will be speaking role at this event. 
($10 / nonmembers $15) More Info

Understanding Your Company's Cash Flow
Wednesday, November 20, 2019 / 9:00 am - 11:30 am
Florence Bank, 85 Main St., Florence, MA 01062
($25) REGISTER

Metro South Chamber B2B Expo
Wednesday, November 20, 2019 / 10:30 am - 3:00 pm
Teen Challenge, 1315 Main Street, Brockton, MA 02301
(FREE to attend Expo only) More Info

How to Prepare for a Matchmaker
Wednesday, November 20, 2019 / 10:00 am - 12:00 pm 
UMass Lowell, 600 Suffolk Street,Room 407, Lowell, MA, 01854
(FREE)  REGISTER

Implement Tax Strategies for Your Business Planning
Wednesday, November 20, 2019 / 8:00 am - 11:00 am 
Clark University Higgins Center, Grace Conf RM, 950 Main St, Worcester, MA 
($25) REGISTER

8(a) Business Development Government Contracting Eligibility Workshop
Thursday, November 21st, 2019 / 1:00 pm - 2:30 pm
10 Causeway Street, RM 265, Boston, MA 02222
(FREE)  REGISTER

Webinar by SBA Massachusetts Lender Relations Team

Dan and Carlos

WEBINAR: Removing the Confusion from the Loan Process
Thursday, November 21st, 2019 / 12pm - 1pm 
How can small businesses become better prepared when seeking capital from financial institutions? In this webinar you will learn from three banking experts what documentation and information financial institutions look for during your loan request process. Preparing for a loan may seem like a daunting task, but this webinar will help prepare you for the loan process. 
(FREE) REGISTER

WEBINAR: Prepare for a Business to Government Matchmaker
Monday, November 25th, 2019 / 12:00 pm - 1:00 pm
(FREE) REGISTER

Social Media Marketing - Real Tools for Real Results
Thursday, December 5th, 2019 / 1:00 pm - 2:30 pm
Plymouth Chamber of Commerce, 134 Court St., Plymouth, MA 02360
($25)  REGISTER

November eighteenth through the twenty-fourth is Global Entrepreneurship Week. Start, grow, expand or recover with the SBA.

10 million people. 35,000 events. 170+ countries. Every November. One Week. Removing barriers and welcoming all. >>Learn more


2019 SBA MA Lender Awards

Here's a summary of this fiscal year's SBA lending leaders...

TD Bank approved 30 SBA 7(a) Loans totaling over $2.9 Million in Western Massachusetts – the highest percentage of loan approvals to rural businesses in the state.

  • Western Massachusetts 7(a) Lender of the Year in Dollars and Volume
  • Massachusetts Lender of the Year to Rural Areas

Granite State Development Corporation approved 21 SBA 504 loans totaling over $8 million making them the most active 504 Lender in Western Massachusetts by both dollars and loan approvals.

  • Western Massachusetts 504 Lender by Dollars and Volume

Florence Bank approved 4 Third Party Loans for over $2 million in Western Massachusetts.

  • Western Massachusetts 3rd Party Lender by Volume

People’s United Bank approved 8 loans or 50% of its total 7(a) loan production to businesses in the construction industry.

  • Massachusetts Lender of the Year to Construction

Avidia Bank approved the highest percentage of 7(a) loan approvals to manufacturers.

  • Massachusetts Lender of the Year to Manufacturers

Cambridge Savings Bank approved 64% of their loans to new businesses this fiscal year.   SBA considers new businesses those enterprises that have been operational for 2 years or less.  Overall, Cambridge Savings Bank approved 47 SBA 7(a) loans in Massachusetts for over $6.8Million – 32% of those loans were also made to Women owned small businesses.

  • Massachusetts Lender of the Year to New Businesses
  • Massachusetts Lender of the Year to Women Entrepreneurs

Beverly Bank, a Division of North Shore Bank was ranked 15th most active lender in Massachusetts with 19 SBA 7(a) loan approvals for over $3.9 million.  The bank approved the highest percentage of loans to Veteran owned businesses in the state.

  • Massachusetts Lender of the Year to Veterans

Leader Bank was ranked 5th most active lender in Massachusetts with 50 loan approvals and 58% of all approvals made to Minority owned businesses.

  • Massachusetts Lender of the Year to Minorities

Santander Bank approved 49 SBA 7(a) loans in Massachusetts for $6.15 million.  Close to 43 percent of all 7(a) loans went to Accommodation and Food Service establishments.

  • Massachusetts Lender of the Year to Restaurants

Bay Colony Development Corporation approved 92 SBA 504 loans totaling over $56.3 million in fiscal year 2019.

  • Massachusetts 504 CDC Lender of the Year by Volume and Dollars

St. Mary’s Credit Union is the only Credit Union in the state to make the top 10 (up from the 20th place in FY2018) most active SBA Lender list for both 7(a) and Third Party Loans.   St. Mary’s Credit Union approved 29 SBA 7(a) loans this fiscal year.

  • Massachusetts Credit Union of the Year

Accion East, Inc. approved 33 SBA Microloans totaling over $451,000 in fiscal year 2019 – more than a quarter of all microloans in the state.

  • Massachusetts Microlender of the Year

 

Massachusetts Breakout Microlending Intermediary of the Year

Dorchester Bay

(Loan Officer Anthony Ciavattone, Loan Officer Brenda Guerra, Director of Economic Development Johnny Charles and CEO Perry Newman accepted the award on behalf of Dorchester Bay Economic Development Corporation)

Dorchester Bay Neighborhood Loan Fund approved 22 SBA Microloans totaling over $237,900 in fiscal year 2019.  This year’s activity represents a 220% increase in approvals from the previous fiscal year.

  • Massachusetts Breakout Microlending Intermediary of the Year

Webster Bank approved 96 loans, ranking 3rd on the lender list in fiscal year 2019.  The bank loaned out close to $24 million in Massachusetts, more than double last year’s activity.  Webster Bank also showed the highest year-over-year increase in 7(a) loan activity, making them the most active 7(a) lender of the year.

  • Massachusetts Breakout 7(a) Lender of the Year

Eastern Bank approved 415 SBA 7(a) loans or 26 percent of all SBA 7(a) loans made in the state, totaling well over $41.6 million; In addition, the bank approved 32 Third Party Loans in excess of $26.7 million ranking them at the top by loan amount and approvals.

  • Massachusetts 7(a) Lender of the Year for Volume and Dollars
  • Massachusetts 504 3rd Party Lender by Volume and Dollars
  • Massachusetts Lender of the Year for Job Creation and Retention

Needham Bank made it to the top 25 most active 7(a) lenders with 16 SBA loans approved for over $3.8 million in FY19.  The bank showed a 178% increase in SBA 7(a) loan approvals during the last quarter of the fiscal year 2019. Their total 7(a) loan volume in FY19 represents a fivefold increase from the prior fiscal year.

  • Massachusetts Lender of the Quarter for Q4 of FY19

 


U.S. Census Bureau Partner Briefing

census

Charles F. Brady, Jr., Chief, Respondent Outreach and Promotion Branch of the Economic Management Division, U. S. Census Bureau and his team visited Boston and gave a presentation at our Quarterly Economic Development meeting at the Chelsea Chamber of Commerce.  The following resources were shared by Mr. Brady:

  • LINK to the September presentation 
  • On September 19, the Census Bureau released the First Look report, which provides the first data summary from the 2017 Economic Census.  This report includes preliminary data for businesses located in the United States on revenue, payroll, and employment by detailed industry levels.  You may find the results in our new data dissemination on tool census.gov
  • The Census Business Builder tool is a valuable resource for accessing demographic and economic data that can help businesses grow. 
  • Share stories that describe how census data can drive business growth.
  • Click here to access our suite of promotional materials and find out more about responding to Census Bureau Economic Surveys.
Small Business Saturday, November thirtieth. Cosponsorship Authorization #19-2050-93.

Past Events

Lead Business Opportunity Specialist Nadine Boone participated in the first ever Massachusetts Black Expo, an event aimed towards growing black businesses across the Commonwealth.  Over 100 exhibitors participated in the trade show and conference held at the Boston Convention & Exhibition Center over the weekend of November 1st – 2nd.  Lead Business Opportunity Specialist Nadine Boone is pictured below with Karene-Sean Hines, Director of PI-TaP and also interacting at the SBA resource table.

Nadine

Massachusetts District Office kicked off National Veterans Small Business Week #NVSBW19 with a Boots to Business Reboot at Westfield State University, Westfield, MA.  Springfield Branch Manager, Oreste Varela led the effort along with our Resource Partners: VBOC, Marco Capaldi; CWE Central MA, Michelle Miller; WMass SCORE Len Gendron; SBA Lender from Common Capital, Callie Niezgoda; and WMass MSBDC, Anita Eliason. This is the first of two Reboots being conducted during National Veterans Small Business Week in Massachusetts. Pictured below is New England VBOC Director, Marco Capaldi.

Marco

The MA District office delivered a “How to Start and Grow your Business“ training event at the O’Neill Federal Building in Boston, which had guest speakers from the MA resource partner network and also AARP Massachusetts.  The event connected over 50+ aspiring entrepreneurs to resources for starting a small business.  In the picture left to right: Nancy Gerardi, Massachusetts Small Business Development Center Northeast Region, ; Richard Griffiths, Griffiths Training and Consulting;  Al Davis, Signum; Dick Rossman, Co-Chair, Greater Boston SCORE Chapter; Edwidge LaFleur, Director,  Center for Women & Enterprise Eastern MA; and Lisa Gonzalez Welch, Economic Development Specialist, SBA MA.

AARP

New England Regional Administrator Wendell Davis provided insight on Opportunity Zone incentives to a capacity crowd at the University of Massachusetts in Springfield. Several federal resource partners were also on the agenda, including HUD and USDA.  City of Springfield Mayor Domenic Sarno kicked the event off to an enthusiastic audience.

Wendell

Springfield Branch Manager Oreste Varela led a group of Veterans and their Spouses through the Boots to Business curriculum at Hanscom AFB in Bedford, MA this past Monday and Tuesday.  

Oreste