Medway Co-operative Bank’s Commercial Loan Team of Margaret Eldredge, SVP Mel McKee and VP Peter Rizzo receive the SBA Lender of the Quarter Award from SBA’s Robert Nelson and Ann Rice Hunt.
Medway Co-operative Bank Earns SBA Lender of Quarter Award
Aug 25, 2008, Medway, MA- Medway Co-operative Bank has been named “Lender of the Quarter” for the second quarter of fiscal year 2008 according to an announcement made by Robert H. Nelson, Massachusetts District Director of the U.S. Small Business Administration. SBA recognized Medway Co-operative Bank Cooperative Bank for this award because of their excellent SBA 7(a) loan activity for second quarter. Medway Co-operative Bank Cooperative Bank approved 10 loans between during this time period, more than twice as many loans as they approved during Fiscal Year 2007.
“The SBA is extremely pleased to be able to recognize Medway Co-operative Bank with the SBA Lender of the Quarter Award for second quarter 2008,” said Nelson. “It is reassuring to see our community based lending partners increasing their small business SBA loan activity during this current period of economic uncertainty. Continuing to provide access to capital to small business is vital to the economy and for jobs and Medway Co-operative Bank Co-operative Bank’s performance during the quarter is significant.”
Medway Co-operative Bank Senior Vice President & Senior Commercial Lending Officer Mel McKee stated, “We are honored to be recognized by the US Small Business Administration with this award. While the economy is experiencing some softness, we continue to seek out commercial lending opportunities in our community. With the support of the various SBA programs, we have greater flexibility in structuring loan products for the small businesses in our lending area.”
The SBA, under its 7(a) Loan Guaranty Program, can guarantee loans up to $2 million. Loans are available for most business purposes, such as to purchase commercial real estate, equipment, and inventory as well as for short-term working capital. The interest rate is not to exceed 2.75% over the prime lending rate. Maturities are up to 10 years for working capital and up to 25 years for fixed assets. For more information about SBA, visit www.sba.gov/ma.
Medway Co-operative Bank - with assets of $156 million - was founded in 1915 and offers a wide range of individual and business banking services, as the only purely mutual, solely local bank in the community. Medway Co-operative Bank has been voted the #1 Community Bank in Medway . The Bank continues to earn the highest rankings for financial strength from nationally recognized bank-rating companies including a Four-Star Superior rating from Bauer Financial for 63 consecutive quarters. Medway Co-operative Bank is a member of the FDIC and the SIF, and all deposits are insured in full. The Bank’s Main Office is located at 70 Main Street in Medway MA. Medway Co-operative Bank operates a branch office in Medway High School during the school year. For further information, visit www.medwaycoopbank.com or call 508.533.8661.
For further information, visit www.medwaycoopbank.com or call 508.533.8661.