Massachusetts Banking Partners
Lender Name: Monadnock Community Bank
Contact Name: William C. Gilson, Senior Vice President
Contact e-mail: billgilson@monadnockbank.com
Contact phone/fax: 1-800-924-9654/Fax (603) 924-9379
Address: One Jaffrey Road
City: Peterborough
State: NH
Zip: 03458
Geographic Service Area: Primary area will consist of the communities of Ashburnham, Gardner, Royalston, Templeton and Winchendon; other north central communities will be considered based on need.
Name of Small Business Product: Community Partners Loan Program
Description of Product:
- Eligible businesses will be located in north central Massachusetts and will be creating new employment or preserving existing jobs. The goal of this program is to improve access to smaller sized businesses for loans, control closing costs and assist businesses that may be experiencing difficulty in obtaining traditional bank financing.
- Minimum loan size is generally $10,000. The Bank, at its discretion, will consider loans as small as $5,000.
- Interest rate will vary depending on risk, credit, and collateral Monadnock will reduce the rate 50 basis points below its published commercial loan rates.
- Other: The Bank will reduce its loan documentation fee to $50. However, the borrower is responsible for all third party closing costs associated with the documentation, guarantying and recording of the transaction.
*Interest rates are subject to change at the Bank’s discretion.
Technical Assistance Partners:
The lender will choose to 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.