The Massachusetts office of the U.S. Small Business Administration named Leader Bank the 2019 Massachusetts Lender of the Year to Minorities.
Leader Bank was particularly active in small business lending for the SBA, ranking as fifth most active SBA lender in Massachusetts in fiscal year 2019. The bank made 58% of its total SBA loans to minority owned businesses.
“We are very proud to be recognized by the Massachusetts Office of the SBA,” said Sushil K. Tuli, president and CEO of Leader Bank. “Our commercial lending and business banking teams work tirelessly to assist both new and existing small businesses thrive. We are privileged to work with these entrepreneurs to help create jobs in Massachusetts and beyond. We are particularly honored to be recognized for our work with minority owned businesses and look forward to helping many more such small businesses succeed and grow.”
Leader Bank maintains a diverse suite of SBA loan 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, or refinancing higher cost debt. Since 2015, the bank has made more than 350 SBA loans, totaling more than $41 million in lending to small businesses across New England.
With assets over $1.5 billion, Leader Bank is a nationally chartered bank founded in 2002 with seven full-service branches in Massachusetts.