Massachusetts Banking Partners
Lender Name: Hampden Bank
Contact Name: Nancy D. Mirkin, Vice President
Contact e-mail: nmirkin@hampdenbank.com
Contact phone/fax: (413) 452-5142/Fax (413) 452-5149
Address: 19 Harrison Avenue
City: Springfield
State: MA
Zip: 01103
Geographic Service Area: Western Massachusetts, primarily Hampden, Hampshire & Franklin Counties.
Name of Small Business Product: Hampden Bank Urban Business Loan
Description of Product:
The Urban Business Loan Product was designed to increase the awareness of bank financing to start-up and growing small businesses. We seek to provide reduced-cost loans for small businesses that may have difficulty obtaining financing through traditional sources. The goal of this program is to reach businesses that are creating growth and jobs that are located in low-to-moderate income areas, especially those areas targeted for economic development.
Loan Structure:
- Minimum Loan Amount: $2,500 (Minimum loan size is usually $10,000).
- Maximum Loan Amount: $999,999.
- Lending institution to pay $150 towards closing costs.
- Loan will be interest-only for the first 3 months.
- Maximum interest rate of Wall Street Journal Prime +1-1/2%.
- Lending institution will follow their established credit approval proves and underwriting criteria.
- Additional assistance or loan enhancements may be required to properly structure a loan; a micro-lender, such as the Western Mass Enterprise Fund or a guaranty under the U.S. Small Business program may be required.
Technical Assistance Partners:
Hampden Bank will accept referrals from non-profit community business advisors, the Small Business Development Center or any non-profit intermediary which assists small business owners through the financing process from the application stage until loan closing.