The Cooperative Bank of Cape Cod was recently recognized by the Small Business Association of Massachusetts as the 2018 SBA Third Party Lender of the Year.
SBA District Director Robert H. Nelson with Charlie DeSimone and Peter Smith of The Cooperative Bank of Cape Cod displaying their SBA Third Party Lender of the Year award. The award honored The Coop for its approval of nine 504 projects totaling over $13.7 million dollars, the largest amount for a single financial institution in the Commonwealth. The SBA 504 Loan is designed to provide financing for the purchase of fixed assets, which usually means real estate, buildings and machinery, at below market rates. In Massachusetts in FY18, the 504 Loan Program approved 270 loans, supporting more than $171 million.
The award was presented to the bank at the 2018 SBA Massachusetts Annual Meeting which was celebrated earlier this month at Worcester State University. The annual event recognizes the SBA lender network that supports job creation and economic growth in our local communities.
“I’m incredibly proud of Peter Rice and Charlie DeSimone, and our entire lending team for their hard work and dedication to the Cape’s small business community,” said Lisa Oliver, President of The Cooperative Bank of Cape Cod. “Supporting small business growth and job creation is one of the most important things we do as a community bank. This distinction from the SBA is a testament to that commitment.”
“Third-Party Lenders provide the permanent, non-SBA financing as part of 504 projects to support expansion and job creation,” said SBA Massachusetts District Director Robert H. Nelson. “Congratulations to Peter Rice, Charlie DeSimone and the team at The Cooperative Bank of Cape Cod for working in collaboration with our local Certified Development Corporations to deliver capital to growing small businesses on the Cape and Islands.”
About SBA Third Party Lending
The financing for every SBA 504 project is provided by a Certified Development Company and a “Third-Party Lender.” In most cases, the Third-Party Lender is a financial institution that provides the Third-Party Loan, which is usually 50% of the total project cost.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit sba.gov.