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Connecticut's Lender Awards Highlights

December 14, 2020

The U. S. Small Business Administration (SBA) announced its Fiscal Year 2020 Eagle Awards recipients at its Virtual Annual Lenders Meeting today. SBA lending results in Connecticut for the federal government's FY20, ending September 30, 2020 reported solid year-over-year trends. CT SBA lending supported over $207 million dollars in loans through its three premier loan programs: the 7a Loan Guaranty Program, the Certified Development Company/504 Loan Program and the Microloan Program.

Nationally, the SBA provided historic levels of capital to small business in the past year. In response to the COVID-19 pandemic, supporting over $750 billion of small business financing and economic relief. The SBA's regular lending programs guaranteed more than $28 billion to small businesses in FY20. In addition, it's COVID-19 Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), provided the most access to capital in the agency's history.

In Connecticut, small businesses, non-profits, agricultural businesses, and faith-based organizations received over 35 thousand EIDL loans approved for over $2 billion (as of 11/22/20). In addition, these businesses received more than 52 thousand EIDL Advances approved for more than $166 million (as of 7/15/20). The Paycheck Protection Program (PPP) assisted 65 thousand small and not for profit businesses providing $6.7 billion dollars.

The purpose of our Annual Lenders Meeting today was to publicly thank lenders and partners for their tremendous support and utilization of SBA programs to help Connecticut's small business community. The awardees are:
Lender of the Year - 7(a) Loans - Webster Bank
CDC Lender of the Year � 504 Loans - Community Investment Corporation
Microlender of the Year - Community Economic Development Fund
Lender of the Year - 504 3rd Party Lending - Webster Bank
Minority Lender of the Year - Liberty Bank
Women Entrepreneurial Lender of the Year - TD Bank
Veteran Lender of the Year - Liberty Bank
District Director Award, Connecticut - Sheldon Pollock, Ion Bank

"We continue to fulfill our mission by supporting SBA-backed financing and various grant programs to reach entrepreneurs across geographic locations, economic regions, including rural and underserved communities, and all industries,' stated Catherine Marx, CT SBA District Director. "Our lending and resource partners went above and beyond this year. The CT SBA team is pleased to have worked directly with these lenders in providing capital to our small businesses."

In addition to loan programs, the SBA and its partners provided counseling and training at numerous locations throughout the state during the past fiscal year. The resource partners include Service Corps of Retired Executives (SCORE), the Connecticut Small Business Development Center (CTSBDC), the Women's Business Centers (WBC's) and the Veterans Business Outreach Center (VBOC). To find out more about SBA programs and services, or to find a counseling location near you, please call (860) 240-4700 or visit our website at www.sba.gov/ct.

Member News is provided as a service of the Midstate Chamber of Commerce and is also featured in the monthly "Chamber News" newsletter mailed to members.