Leader Bank, N.A. has been recognized for the second year in a row as the Lender of the Year to Minorities by the Massachusetts office of the U.S. Small Business Administration (SBA). With small businesses having been greatly affected by the COVID-19 pandemic in 2020, Leader Bank was particularly active, lending over $1,836,000 to small businesses, 56% of which was allotted to minority-owned businesses. These loans provided aid for a wide variety of businesses such as restaurants, medical research offices, convenience stores, and accounting firms.
"We are very proud of the work we have done in 2020 to support small businesses," said Sushil K. Tuli, CEO of Leader Bank. "To be recognized by the Massachusetts Office of the SBA for our dedication to minority-owned businesses in particular is a great honor and we look forward to continuing to help small businesses recover and grow in the coming year."
Leader Bank was also a proud participant of the SBA's Paycheck Protection Program (PPP) in 2020, assisting over 1,500 small businesses by lending more than $129 Million, with an average PPP loan size of $89,000.
The Bank has been a Preferred Lender of the SBA since 2010 and maintains a diverse suite of SBA products including term loans and lines of credit. These loans help small businesses by providing working capital, financing acquisitions of property or equipment, funding the purchase of existing businesses, and refinancing higher cost debt. Since 2015, the Bank has made over 404 SBA loans to small businesses across New England totaling more than $43 Million in lending.
About Leader Bank
With assets of over $2 billion, Leader Bank, N.A. is a nationally chartered bank founded in 2002 with seven full-service branches in Arlington, Belmont, Boston, Burlington, and Cambridge. Leader Bank offers a full range of personal and business banking products including personal and business checking accounts, commercial and residential lending products, home equity lines of credit, deposit products with highly competitive rates and free online banking and bill payment services. Visit Leader Bank's website at www.leaderbank.com or any one of the Bank's convenient branch locations for more information. Member FDIC and Equal Housing Lender, NMLS #449250.
