Primary Bank has been named the top SBA 7(a) and 504 lender in New Hampshire by the federal agency.
The Small Business Administration said the Bedford-based community bank gave out the most 7(a) and 504 loans out of all the state’s banks during fiscal year 2021.
“Primary Bank was approved to participate in SBA lending the summer of 2015 and since that time they have been an excellent partner. The bank has been a leader in New Hampshire with both our 7(a) and 504 loan programs. When the pandemic hit, Primary Bank rose to the challenge by utilizing the Paycheck Protection Program and providing that lifeline to as many small businesses as possible. We’re very proud of the Primary Bank team as they celebrate another year of outstanding achievement and continued success!” acting SBA regional administrator Amy Bassett said in a statement.
Primary Bank made $26 million worth of 7(a) loans, often used for real estate and equipment purchases or to refinance debt and provide working capital. The bank also made $26 million in 504 loans, which provide long-term, fixed rate financing of up to $5 million for major fixed assets that “promote business growth and job creation,” according to the SBA.
Those figures were 83 percent and 184 percent higher, respectively, than the second-most prolific bank in the state in either category. The bank’s activities accounted for $52 million of the $229 million 7(a) and 504 lending statewide during fiscal 2021.
“We are honored for this recognition and are thankful that the SBA provides such programs that allow us to support NH businesses. We believe that it is our responsibility to support the business community with the goal of maintaining our vibrant NH economy” Primary Bank President and CEO Bill Stone said in a statement.
This isn’t the first time the relatively young bank has topped the SBA lending charts. The SBA gave the bank its Emerging Lender Award in 2018, its NH Lender of the Year Award in 2019 and named it both the top 7(a) lender in the state and the top New Hampshire third-party lender last year.