Twenty-two Lenders Offer Massachusetts Veterans Incentives on SBA Loans

Boston, MA – In an effort to increase the number of loan approvals to veteran small business owners and entrepreneurs, the U.S. Small Business Administration’s Massachusetts District Office has announced that twenty-two lenders have agreed to provide veterans with preferential pricing terms on loans guaranteed by the SBA. 

“SBA has very experienced lending partners that are always looking to assist veteran-owned businesses succeed.   These lenders have stepped to the plate at a critical time for veterans especially now that so many key personnel are being deployed to Iraq and Afghanistan,” said SBA New England Regional Administrator Mark S. Hayward.  “SBA is also making it easier for lenders to help veterans with the introduction of our Patriot Express loan initiative.  Lenders who provide preferential pricing will ease the burden even more.” 

“We want to show appreciation to our veterans for the sacrifices they have made, so we are reaching out to our lending partners and asking them to provide loan incentives on SBA loans made to veterans,” said Jean Sawyer, Acting District Director of the SBA Massachusetts District Office.  “We commend the lenders who have stepped forward to help us with this initiative and we encourage more lenders to join us.”

 This announcement comes on the heels of the new Patriot Express loan initiative that was announced last month.  Patriot Express is a streamlined loan product based on SBA’s highly successful SBA Express Program, but with enhanced guarantee and interest rate characteristics. For more information about Patriot Express, visit www.sba.gov/patriotexpress.

 “We believe that  locally offered incentives for veteran borrowers and Patriot Express supported by SBA’s other services will allow us to help more veteran-owned small businesses to succeed,” said Sawyer.

 Lenders currently participating in this initiative are Athol Savings Bank, BankFive, Bank of Canton, Bay State Savings Bank, Citizens Bank, Danversbank, Eastern Bank, Greenfield Co-Operative, Greylock Federal Credit Union, Hampden Bank, Lee Bank, Legacy Banks, Mansfield Bank, Middlesex Savings Bank, Milford National Bank & Trust Company, Mt. Washington Bank, Rockland Trust, Sovereign Bank, United Bank, Wainwright Bank & Trust Company, Webster Five Cents Savings Bank and Westfield Bank.  Loan incentives range from reductions in interest rates to waiving the SBA’s guaranty fee on certain types of loans.