Massachusetts Banking Partners
Lender Name: Boston Private Bank & Trust Company
Contact Name: Anna Bautista, Assistant Vice President
Contact e-mail: abautista@bostonprivatebank.com
Contact phone/fax: (617) 912-4252
Secondary Contact Name: Sarah Lamitie, Vice President, CRA
Secondary Contact e-mail: slamitie@bostonprivatebank.com
Secondary Contact phone/fax: (617) 912-4312/ Fax (617) 912-4554
Address: Ten Post Office Square
City: Boston
State: MA
Zip: 02109
Geographic Service Area: Eastern Massachusetts (generally within Route 128)
Name of Small Business Product: Boston Private 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 or local government. The goals of the program are to improve access to smaller-sized businesses and to reduce the cost of loans for small businesses, some of which may be at an early stage or may have difficulty obtaining financing from traditional bank lending programs.
- Minimum loan size is generally $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 + 2.25%. For fixed-rate loans, the rate will be the Bank’s cost of funds +2.25%. These rates will be reduced by .25% for borrowers whose monthly payments are directly charged to an account at the Bank. 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 Administration (SBA) loan guarantee program, enrollment in the Massachusetts Capital Access Program (MassCap) or another guarantee program. Interest rates for these loans will be at a below-market rate as described above. The interest rate for SBA loans will be based on The Wall Street Journal Prime Rate.
- The term of the loan will be determined by the type of loan. For example, lines of credit are available for up to two years. Term loans are available for up to five years. Longer term loans are available with an enhancement on a limited basis.
- No points or fees are charged. Typical fees that are waived under this program include the Bank’s commitment fee (generally 1 point or $500 minimum).
- The borrower will be responsible for paying all of the Bank’s third party costs, such as legal fees. Other common third party fees include UCC search and filing fees and SBA or MassCap fees.
*Interest rates are subject to change at the Bank's discretion
Technical Assistance Partners:
Boston Private 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 corporation, other non-profit training and counseling organizations, and government agencies or departments that support neighborhood and economic development.