Massachusetts Banking Partners
Lender Name: Beverly Cooperative Bank
Contact Name: Don McQuarrie, Vice President
Contact e-mail: jdmacquarrie@beverlycoop.com
Contact phone/fax: (978) 921-2387
Secondary Contact Name: Mike Wheeler, Vice President
Secondary Contact e-mail: mwheeler@beverlycoop.com
Secondary Contact phone/fax: (978) 771-8107 Fax (978) 922-9060
Address: 254 Cabot Street
City: Beverly
State: MA
Zip: 01915
Geographic Service Area: North Shore of Boston; Essex County
Name of Small Business Product: Beverly Cooperative Bank Community Partners Small Business Loan Program
Description of Product:
- Businesses eligible for the program may be: preserving or creating new jobs that are available to lower-income individuals; located in low- and moderate-income areas; or located in neighborhoods targeted for economic development by federal, state, local government. The goals of the program are to improve access to smaller sized companies which may be at an early development stage or may have difficulty obtaining financing from traditional bank lending programs.
- Generally, the minimum loan size is $25,000. The Bank, at its discretion, will consider loans as small as $5,000.
- Interest rates for the small business loans are at a below-market rate.* For variable rate loans, the rate is the Bank’s Base Rate +.25%. For fixed-rate loans, the rate will be the Bank’s cost of funds +2.25%. The borrower is not required to have an account at the Bank.
- The Bank may require additional collateral, or an enhancement of the loan under a U.S. Small Business Administer
Technical Assistance Partners:
- Beverly Cooperative Bank works with not-for-profit intermediaries to assist small business owners through the financing process from loan application through closing. Community partner intermediaries may include community development corporations, other non-profit training and counseling organizations, and government agencies or department that support neighborhood and economic development.
- Specifically, Beverly Cooperative Bank works closely with the Salem State College Small Business Development Center in helping owners develop a workable business plan.