Massachusetts Banking Partners
Lender Name: Century Bank & Trust Company
Contact Name: John McKenna, Senior Vice President
Contact e-mail: jmckenna@century-bank.com
Contact phone/fax: (781) 393-4117
Secondary Contact Name: Phillip Gallagher, Vice President
Secondary Contact e-mail: pgallagher@century-bank.com
Secondary Contact phone/fax: (781) 393-5034
Address: 400 Mystic Avenue
City: Medford
State: MA
Zip: 02155
Geographic Service Area: Eastern Massachusetts (generally within Route 495)
Name of Small Business Product: Century Bank Small Business Community Partnership Loan Program
Description of Product:
Through the Small Business Community Partnership Loan Program, Century Bank provides reduced-cost loans, flexible underwriting standards, and superior customer service to small businesses located in eastern Massachusetts. Eligible businesses generally are preserving existing jobs or creating new jobs that are either available to lower-income individuals or located in low-to-moderate income areas, or in neighborhoods targeted for economic development by federal, state or local government. The Program provides access to reduced-cost loans for small businesses that may have difficulty obtaining financing from traditional bank lending programs.
Terms and Costs of Community Partners Program Loans:
- Minimum loan size is generally $10,000. 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. Variable rate loans are priced at the Bank’s Prime Rate.* Fixed-rate loans are priced at the Bank’s cost of funds +2.25%.* These rates will be reduced by 0.25% for borrowers whose monthly payments are directly charged to 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) SBAExpress loan guarantee program. Interest rates for these loans will be at a below-market rate as described above.
- The term of the loan will be determined by the type of loan. For example, lines of credit are available for up to three years. Term loans are available for up to five years. Longer term loans are available on a limited basis with credit enhancement.
- Origination fees or points are not charged.
- 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 guarantee fees.
*Interest rates are subject to change at the Bank’s discretion.
Technical Assistance Partners:
Century 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 departments that support neighborhood and economic development.