Massachusetts Banking Partners
Lender Name: Beverly National Bank
Contact Name: Ann Mulry Shaw, Vice President
Contact e-mail: ann.shaw@beverlynational.com
Contact phone/fax: (978) 720-1122/Fax (978) 720-1123
Address: 240 Cabot Street
City: Beverly
State: MA
Zip: 01915
Geographic Service Area: Essex County
Name of Small Business Product: Beverly National Bank Community Partners Small Business Loan Program.
Description of Product:
- Eligible businesses for the program would be located in low- and moderate-income census tract areas or state, local or federal government targeted economic development areas and creating new or preserving existing jobs available in low- and moderate-income areas.
- Type of business: Start-up small businesses that would have obstacles to obtaining traditional credit approval from the Bank.
- Loan size: Minimum loan size would be $5,000.
- Interest rate: Variable rate loans would be priced at the National Prime Rate, as published from time to time in The Wall Street Journal plus .50%. The interest rate for fixed-rate loans will be priced at the Bank’s cost of funds plus 2.25%.
- Collateral enhancement via other loan guarantee programs such as the Capital Access Program (CAP) or the U.S. Small Business Administration (SBA) may apply.
- The maximum loan term for a variable rate loan, i.e. a line of credit, is two(2)years. Fixed-rate loans will typically mature in five# (5) years unless underwritten with collateral enhancement from a loan guarantee program.
- The Bank will not charge a commitment fee or points. However, the Borrower is responsible for all of the Bank’s third-party costs, such as legal documentation and, if applicable, SBA or CAP fees.
- The Borrower is required to maintain a depository account with the Bank.
Technical Assistance Partners:
The Bank will choose to work 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 departments that support neighborhood and economic development.