Cambridge Savings Bank Receives Two SBA Awards
Cambridge Savings Bank (CSB) is pleased to announce that it was named both the #1 Lender to New Businesses and the #1 Lender to Retail Industry by the Small Business Administration (SBA) for its commitment to the Commonwealth in what is being called an unprecedented year.
Cambridge Savings Bank works with the SBA to provide financial assistance to small businesses through government-backed loans. 2020 proved to be a very tough year for many small businesses due to the pandemic, and Cambridge Savings Bank was honored to assist so many new and existing businesses. Cambridge Savings Bank had 65% of its loan approvals assist new businesses, while 25% of its approvals went to businesses in the retail trade.
“We are honored to receive these designations,” said David Cedrone, Head of Consumer & Small Business Lending. “We understand the importance of local small business growth and want to do our part to see new businesses open and existing businesses flourish. Small Businesses are the backbone of a community and are a true testament to economic strength.”
The SBA serves as a go-to resource and voice for small businesses backed by the strength of the federal government. Cambridge Savings Bank is pleased to be a preferred partner. To learn more about ways Cambridge Savings Bank can assist you, visit cambridgesavings.com.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service financial institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Arlington Bedford, Belmont, Barrington, Cambridge, Charlestown, Concord, Lexington, Melrose, Newton, and Watertown.
About Small Business Administration
The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012 has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. www.sba.gov