Waterbury-based Webster Bank finished FY 2018 as the top U.S. Small Business Administration (SBA) lender in New England by dollar volume — and for the first time placed in the top 100 of SBA lenders nationwide, the bank announced Tuesday.
Webster’s SBA dollar volume in New England totaled $68.5 million in FY 2018, more than double its FY 2017 total of $30.6 million.
Webster ranked as the top SBA lender in Connecticut, a position the bank has held for the past 11 years.
SBA loans are initiated and underwritten by individual financial institutions but guaranteed by the SBA in the event of non-repayment or default.
“Our leadership in New England can be directly attributed to our experienced SBA team and the high-touch customer experience they offer, our tight interface with Webster’s experienced Business Banking generalists, and our substantial investment in a more convenient and streamlined loan process,” said Robert F. Polito Jr., Webster senior vice president.
“Webster Bank’s status as the top SBA lender in the region demonstrates its growing commitment to the small-business community in New England,” said Anne Hunt, district director for the Connecticut District Office, U.S. Small Business Administration.
