Massachusetts Banking Partners
Lender Name: Haverhill Bank
Contact Name: Maureen M. Stillwell, Assistant Vice President
Contact e-mail: mstillwell@haverhillbank.com
Contact phone/fax: (978) 556-4245/Fax (978) 556-4256
Address: 180 Merrimack Street
City: Haverhill
State: MA
Zip: 01830
Geographic Service Area: Merrimack Valley
Description of Product:
- Eligible businesses are those located in Haverhill and the Merrimack Valley that are established by low-and-moderate income individuals and/or are in low- to moderate-income areas. These loans are targeted to smaller-sized businesses which may be at an early stage or are having difficulty obtaining financing from traditional bank lending programs.
- The Bank’s guideline for most small business loans is $50,000. The Bank will consider loans as small as $25,000 for the Massachusetts Banking Partners Small Business Loan Program.
- The Bank generally charges an interest rate of Wall Street Journal (WSJ) Prime +1.5% for short-term line of credit borrowings, and the interest rate for the Small Business Loan Program borrowers will be WSJ Prime +1.0%. Fixed-rate loans are generally priced at the 5-year US Treasury +3.5% and the interest rate for Small Business Loan Program borrowers will be the 5-year US Treasury +3.0%.
- The Bank may require additional collateral or guarantors or loan guarantees, such as a guaranty from the Small Business Administration (SBA), or enrollment in the Massachusetts Capital Access Program.
- The loan terms will be based on the type of loan. Lines of credit are available for one year and term loans are available for up to five years. Longer term loans will be available with an enhancement such as a SBA guaranty.
- The borrower is responsible for paying all of the Bank’s third party costs, such as legal, appraisal, environmental, filing fees and similar such fees.
Technical Assistance Partners:
Haverhill Bank will 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 departments that support neighborhood and economic development.