For originating the most SBA loans by any credit union in New England, St. Mary's Bank is the recipient of the region's 2012 Outstanding Achievement award from the agency.
The $759 million cooperative in Manchester, N.H., said it increased its SBA participation by 131% this year.
Seventy-eight percent of all St. Mary's Bank's business loans were under $50,000 and 50% were under $25,000 according to Amy Bassett, deputy director for SBA's New Hampshire district office.
“Their efforts are critical to helping SBA address the need for smaller dollar financing here in New Hampshire,” Bassett said at a recent SBA award ceremony.
Small businesses are the key to a thriving economy, said Don St. Germain, chief lending officer for St. Mary's Bank.
“We are pleased to be recognized for our efforts to provide the loans that help small businesses expand and innovate, hire local workers, and pump dollars back into the local economy,” St. Germain said.
Over the past month, a number of credit unions have been honored by the SBA for their loan programs.
Founded in 1908, St. Mary's Bank is the nation's oldest credit union and serves more than 83,000 members.
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