SBA Region One Review - December 2019

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New England Regional Office  - December 2019

u s small business administration

U.S. Economy Soars with 266,000 Jobs Added in November

Unemployment rate falls to 50-year low as nation hits 110 consecutive months of positive job growth

The United States economy added 266,000 jobs in November greatly surpassing economists’ predictions of only a 185,000 positive monthly jobs gain. The federal Bureau of Labor Statistics (BLS) also indicated the national unemployment rate fell to a fifty-year low of 3.5%.

“This is positive news for the American economy. Our nation’s 30 million small businesses are expanding, raising wages and increasing their workforce. More than 7 million jobs have been created under President Donald Trump and almost 160 million people are working – the highest amount in our nation’s history,” said SBA New England Regional Administrator, Wendell G. Davis who oversees the operations of the U.S. Small Business Administration in New England including offices in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.

BLS revisions also added a net total gain of 41,000 jobs for September and October, bringing the three-month average positive job growth gain statistic to 205,000, a ten-year high. Further, the average monthly job growth figure for 2019 jobs is a net positive of 180,000 according to the BLS. Since 2017, 2.1 million prime-age workers have joined the labor force.

December marks two years since President Trump signed the landmark Tax Cuts and Jobs Act (TCJA) into law, putting the focus back on the economy and its job creators - small businesses. As a result, unemployment has reached historic low levels and unemployment in minority communities such as African Americans, Hispanic Americans and Asian Americans have reached their lowest levels ever.

Small businesses are attesting to the TCJA’s economic incentives and increased options for health coverage, international trade, and training program expansions by entering new global markets, raising wages, and hiring more employees.

SBA New England Celebrates Small Business Saturday

In the days leading up to Small Business Saturday, SBA's New England offices hosted a series of events promoting the day. Here are some of the highlights:


image of connecticut small business saturday event

The Connecticut District Office and the Mystic Chamber of Commerce held a press conference and small business walking tour in Mystic to promote Small Business Saturday. U.S. Senator Richard Blumenthal and Congressman Joe Courtney joined the festivities.


image of ra davis and time and tide coffee

The Maine District Office kicked off Small Business Saturday with a walking tour in Biddeford.  New England Regional Administrator Wendell Davis joined along with the Maine Small Business Development Center, SCORE Portland, The Biddeford/Saco Chamber and other partners.  The group visited 5 small businesses that had assistance from SBA and resource partners along the way. 


image of east boston walking tour for small business saturday

The Massachusetts District Office participated in a Small Business Saturday event with the East Boston Chamber of Commerce and East Boston Main Streets in the Maverick Square neighborhood of the City of Boston. 

New Hampshire

image of NH District Office on Small Business Saturday walking tour

The New Hampshire District Office participated in Small Business Saturday promotion in downtown Milford, NH.   Joined by Senator Jeanne Shaheen, they visited three small retail shops and a new co-working center.

Rhode Island

wendell davis addressing the crowd at the RI Small Business Saturday press conference

The Rhode Island District office along with the Rhode Island Foundation, and the Ocean Community Chamber of Commerce hosted a press conference and  "Shop Small" walking tour of High Street in Westerly. The event was held to spread awareness of Small Business Saturday and encourage consumers to get out and "Shop Small".


image of vermont small business saturday event

Congressman Peter Welch joined the Vermont District Office for a walking tour of St. Albans. As part of the tour, the group visited The Grind Café.  The café has grown throughout the years with SBA loans.  

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10 Things to Do to Close Out Your Year

In the final days of December, here are some actions that can help you comply with the law, obtain tax benefits, and position yourself for 2020.

During the holiday season, it’s all too easy to focus on sales to customers (for many businesses this is the peak selling season) and spending time with family and friends. However, taking some time to address certain business matters can help make 2019 an even better year and help you start the new year off right. In the final days of December, here are some actions that can help you comply with the law, obtain tax benefits, and position yourself for 2020.

  1. Pay year-end bonuses.  For many companies, 2019 has been a boom year, and sharing success with employees can be expressed by paying year-end bonuses. Employees receiving them may wish to have additional withholding taken (they have to submit a new Form W-4 to request that a flat amount be withheld from the final paycheck).

To see the complete list, read the complete blog → 10 Things to Do to Close Out Your Year

National Small Business Week Awards, are you the next winner?

The clock is ticking! National Small Business Week Awards are due no later than 3:00 p.m. ET on January 7, 2020.  Winners will be announced during National Small Business Week, May 3-9, 2020.  Submit your nomination for a chance to receive one of the nation’s highest honors for small business achievement. >Submit a nomination Or contact your district office for more details:




New Hampshire:

Rhode Island:


SBA Lending Across New England

7(a) Lending

The 7(a) loan program is the SBA's primary program for providing financial assistance to small businesses and offers guarantees on loans to small businesses of up to $5 million on reasonable terms and conditions. 7(a) loans are commonly used for acquiring land, purchasing equipment, or working capital. The top 5 7(a) lenders so far for Fiscal Year 2020 (October 1, 2019 - November 30, 2019) by number of loans are:

Eastern Bank - 86 loans for $9,857,800

TD Bank - 54 loans for $2,199,100

Webster Bank - 30 loans for $5,444,500

People's United Bank - 23 loans for $2,824,200

Santander Bank - 18 loans for $3,804,300


504 Program

The CDC/504 loan program provides capital to small businesses for the acquisition of fixed assets to promote economic development in the form of long-term fixed-rate financing on reasonable terms. Under this program, the SBA authorizes Certified Development Companies (CDCs) to provide financing to small businesses with the help of third-party lenders (typically banks). The maximum loan amount is generally $5 million; however, certain eligible energy-efficient or manufacturing projects may qualify for up to $5.5 million. The top 5 New England Certified Development Companies for the same time period are:

Granite State Economic Development Corp - 45 loans for $20,854,000

Bay Colony Development Corp - 20 loans for $8,987,000

New England Certified Development Corp - 18 loans for $17,115,000

Ocean State Business Development Authority - 8 loans for $5,932,000

South Eastern Economic Development Corporation - 7 loans for $2,294,000


To learn more about these funding options and more, go to →