New Hampshire banks persevere in spite of loan modifications

11/14/2011

During the 2011 fiscal year, the Small Business Administration's New Hampshire district office approved 762 loans totaling more than $150 million.

The majority of the loans were provided by the state's 7(a) and 504 loan programs, led by Berlin-based Northway Bank, which approved the highest volume of SBA loans with 74. Milford-based Centrix Bank & Trust was the state's leader in total dollars lent, at $8.5 million.

"It is a serious challenge for many lenders to do only a handful of SBA loans in a year, and the fact that so many do so demonstrates their strong commitment to New Hampshire and its business communities," said Greta Johansson, SBA’s New Hampshire district director.

The state's top lenders were awarded for their ability to develop and thrive through modifications over the course of the past year, which included increased lending limits by 150 percent, new refinancing options and enhanced loan guarantees for exporters.

Vermont Business Magazine reports that across New England, the SBA granted more than 4,500 loans totaling a record $1.4 billion during the past fiscal year - a 14 percent increase from 2010.