Jewett City Savings Bank received the Lender of the Quarter Award from the U.S. Small Business Administration (SBA), Connecticut District. The award recognizes the Bank for excellent SBA activity for the second quarter of Fiscal 2018, which surpassed its entire SBA lending activity for the past three fiscal years combined.
SBA Connecticut District Director Anne Hunt commended Jewett City Savings Bank for its increased SBA activity, citing it as “a strong commitment to the small business community.”
President and CEO Kevin Merchant credited the addition of a business loan officer dedicated to working with small businesses for the Bank’s great strides in the commercial lending area.
“It has had a positive impact, not only for the Bank but also for the community, as evidenced by this award,” he said.
The SBA offers a variety of loan guaranty programs including 7(a), SBA Express, and 504 Loans. SBA loans are guaranteed up to $5 million and are available for most business purposes, such as purchasing commercial real estate, equipment and inventory, or for providing short-term working capital.