Massachusetts Banking Partners
Lender Name: Framingham Cooperative Bank
Contact Name: Nicholas W. Kefalas, Vice President, Commercial Lending
Contact e-mail: nkefalas@framinghamcoop.com
Contact phone/fax: (508) 820-4060/Fax (508) 820-4040
Address: 160 Cochituate Road
City: Framingham
State: MA
Zip: 01701
Geographic Service Area: Ashland, Framingham, Holliston, Hopkinton, Marlborough, Natick and Southborough, MA.
Name of Small Business Product: Small Business Outreach Program (SHOP)
Description of Product:
- The company must be located in the Bank’s assessment area.
- The maximum loan amount/commitment amount may not exceed $100,000.
- The company’s annual revenues much not exceed $250,000.
- The company must maintain a business checking account at the Bank.
The program offers qualified customers the following:
- No loan fees.
- The interest rate for first six months for all working capital lines of credit shall be .50% (50 basis points) below the published Wall Street Journal’s prime rate, then adjusted as stated in the customer’s commitment letter.
- 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 department that support neighborhood and economic development.
- Use established and update list on www.mass.gov/bizteam.
- Name specific technical assistance providers.
Technical Assistance Partners:
The lender will choose to: