NORTHFIELD SAVINGS BANK

NORTHFIELD SAVINGS BANK was one of the thousands of SBA-approved lenders that participated in the Paycheck Protection Program. During the program period (April 2020 – May 2021), the lender originated 1,707 PPP loans totaling $140.0M, representing approximately 0.01% of all loans nationwide.

NORTHFIELD SAVINGS BANK served borrowers across 6 states. The largest concentration of activity was in Vermont, where the lender originated 1,698 loans totaling $139.6M. Other states with significant activity included New York, New Hampshire, North Carolina.

The average loan size for this lender was $82,042. This figure reflects the mix of borrower types — large companies, small businesses, sole proprietors, and non-profits — that applied through this institution. Lenders were responsible for collecting and verifying borrower certifications and submitting loan applications to the SBA's E-Tran system.

Among the largest named borrowers that received loans through NORTHFIELD SAVINGS BANK were: AMERICAS GARDENING RESOURCE, INC. (VT) — $2,883,295; TRANS RAIL HOLDING COMPANY (VT) — $2,170,475; D.E.W. CONSRUCTION CORP. (VT) — $2,107,752; and D.E.W. CONSTRUCTION CORP. (VT) — $2,000,000.

PPP lenders were compensated through processing fees paid by the SBA rather than by borrowers. Fees ranged from 1% to 5% of the loan amount depending on loan size. Lenders were not required to take credit risk — the SBA provided a 100% guaranty on each loan. This structure incentivized broad participation but also contributed to documented cases of lender fraud and over-processing of applications.

Borrower names for loans under $150,000 are withheld under FOIA Exemption 6. As a result, the named recipients shown below represent only a fraction of this lender's total portfolio. The full loan count and amount figures include all loans in the SBA's data regardless of disclosure status.