Massachusetts Banking Partners
Lender Name: North Easton Savings Bank
Contact Name: Nicholas A. Rossini, Commercial Credit Analyst
Contact e-mail: nrossini@northeastonsavingsbank.com
Contact phone/fax: (508) 238-2007/Fax (508) 238-3909
Address: 295 Main Street
City: North Easton
State: MA
Zip: 02356
Geographic Service Area: Southeastern Massachusetts including Bristol, Plymouth, Norfolk, Barnstable and Suffolk Counties.
Name of Small Business Product: Massachusetts Banking Partners Small Business Loan Program.
Description of Product:
With the Massachusetts Banking Partners Small Business Loan Program, North Easton Savings Bank intends to improve access to financing by very small businesses. These include, but are not limited to, businesses with 20 or fewer employees, that are located in a low- or moderate-income census tract, or are defined as low- or moderate-income businesses that are receiving one-on-one small business counseling or training from a Bank-approved technical assistance provider. Term loans and Lines of Credit will be offered to eligible businesses.
Terms and Conditions:
- The Bank, at its discretion, will consider loans as small as $5,000.
- Interest rates for the Massachusetts Banking Partners Small Business Loan Program loans are set at .25% below the Bank’s standard rate. The rate will be reduced by an additional .25% for borrowers whose monthly payments are directly charged to an account at the Bank. The borrower is not required to have an account at the Bank.
- The Bank may require additional collateral, or an enhancement of the loan under a U.S. Small Business Administration (SBA) loan guarantee program, enrollment in the Massachusetts Capital Access Program (MassCap), or another guarantee program.
- The type of loan will determine the market rate and term. Loans with a longer term may be available with an enhancement on a limited basis.
- No points or fees are charged.
- The borrower will be responsible for paying all of the Bank’s third party costs, such as legal fees. Other common third party fees include UCC search and filing fees and SBA or MassCap fees.
Technical Assistance Partners:
North Easton Savings Bank works with not-for-profit small business consultants to assist small business owners through the financing proves from loan application through closing. These consultants include community development corporations, other non-profit training and counseling organizations, and government agencies or department that appear on the Bank’s approved Technical Assistance providers list.