Massachusetts Banking Partners
Lender Name: Sovereign Bank
Contact Name: James Hanlon, Vice President
Contact e-mail: jhanlon@sovereignbank.com
Contact phone/fax: (617) 346-7434/Fax (617) 757-3483
Address: 75 State Street
City: Boston
State: MA
Zip: 02109
Geographic Service Area: The Bank has created a pilot program initially serving the Metro Boston Area.
Name of Small Business Product: Massachusetts Banking Partners Loan Program
Description of Product:
- The program will be open to all businesses located in the Metro Boston Area that meet program criteria as established by the Massachusetts Banking Partners Small Business Loan Program, an initiative sponsored by the Massachusetts Small Business Assistance Advisory Council and the Massachusetts Community & Banking Council.
- The program shall be open to all qualifying businesses, even those categorized as “earlier stage.”
- Loan provided under the program may also be provided in conjunction with the Small Business Administration (SBA)Community Express Program and the Sovereign Job Foundation Loan Program, both of which are designed to increase access to small business credit. This designated loan pool will offer reduced rates and fees.
- Increased access to credit:
*Loan amounts ranging from $5,000 to $250,000 will be offered
*Lines of credit up to three years
*Term loans up to ten years - Increased affordability of credit:
*50 basis points below conventional loan rate. Loan rate may be combined with Sovereign Job Foundation Loan program
*No documentation fees
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 departments that support neighborhood and economic development.
- Use established and updated list on www.mass.gov/bizteam.
- Name specific technical assistance providers. In the event that loans are provided in conjunction with the SBA Community Express Program, the Bank will need to identify technical assistance providers acceptable to the SBA in each community in which we choose to participate.