People's United Named Top SBA 504 Lender In New England

BRIDGEPORT, Conn., Nov. 5, 2013 /PRNewswire/ -- People's United Bank announced today that it is the top U.S. Small Business Administration (SBA) 504 lender in New England, the top 7a lender in Vermont, and the top 504 lender in Maine. The SBA defines 7a as small business loans and 504 as real estate and equipment loans.

People's United Bank 504 volume in New England totaled 28 loans for $21,859,907. The bank's 7a volume in Vermont totaled 18 loans for $3,782,500, with an average loan size of $210,139. In Maine, the bank's 504 loans totaled $6,813,000, making People's United the number one 504 lender in that state.

The 116 SBA loans generated by People's United in New England created 352 jobs and retained 807 jobs, according to SBA data self-reported by the bank.

"We are extremely pleased with what this level of lending activity does for the region in terms of supporting business and employment growth," said Bill Samuelson, Senior Vice President, Business Banking for People's United. "Our strong partnership with the SBA allows us to support the needs of many worthy and successful businesses, and we couldn't be more proud of these results."

SBA rankings are issued annually in October, based on the number of loans originated by banks in the SBA fiscal year, which runs October 1 to September 30.

People's United Bank is a subsidiary of People's United Financial, Inc., a diversified financial services company with $32 billion in assets. Founded in 1842, People's United Bank is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of 412 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.

SOURCE People's United Bank