Massachusetts Banking Partners
Lender Name: Enterprise Bank
Contact Name: Ryan C. Dunn, Vice President
Contact e-mail: ryan.dunn@ebtc.com
Contact phone/fax: (978) 656-5551/ Fax (978) 692-8300
Address: 237 Littleton Road
City: Westford
State: MA
Zip: 01886
Geographic Service Area: Middlesex, Worcester and Essex Counties (areas primarily surrounding Interstate 495.
Name of Small Business Product: Community Partners EZ Business Loan Program
Description of Product:
- The EZ Credit Line product is a revolving line of credit for $5,000 to $50,000 to support working capital needs.
- The EZ Business Term Loan product provides financing options for permanent working capital, equipment, vehicles or leasehold improvements from $5,000 to $50,000.
- The EZ Business Cash Reserve is offered at a minimum $1,000 to a maximum $10,000 and linked directly to your business checking account for coverage of an overdraft.
- Loan requests $25,000 and under require a completed and signed application. Loan requests over $25,000 additionally require the most recent business financial statements or tax returns.
- Businesses eligible for the program must have gross annual revenues of $1 million or less, 20 or fewer employees and one of the following: preserving or creating new jobs that are available to lower-income individuals; located in a low- or moderate-income area as determined by census tract; or located in a neighborhood targeted for economic development by federal, state or local government.
- No bank origination fees are charged.
- Interest rates for this small business loan program will be determined based upon business and individual credit, collateral support, application information and financial statements (when applicable). The determined rate will be reduced by 0.50% for eligible businesses.
- The Bank may require additional collateral or loan enhancement under a U.S. Small Business Administration (SBA) loan guarantee program or another similar program.
- The borrower will be responsible for paying all of the Bank’s third party costs, such as legal, filing, flood certification and SBA guarantee fees.
Technical Assistance Partners:
Enterprise Bank will work with not-for-profit intermediaries to assist small business owners through the financing process from loan application through closing. Intermediaries may include community development corporations, non-profit training and counseling organizations, and government agencies or departments that support neighborhood and economic development.