Massachusetts Banking Partners
Lender Name: Webster Five Cents Savings Bank
Contact Name: Bernard P. Gagnon, Vice President
Contact e-mail: bgagnon@web5.com
Contact phone/fax: 508-438-4711
Address: 136 Thompson Road
City: Webster
State: MA
Zip: 01570
Geographic Service Area: Central Massachusetts, Worcester County
Name of Small Business Product: Webster Five Cents Savings Bank Community Partners Loan Program
Description of Product:
The Webster Five Cents Savings Bank Community Partners Loan Program is available to early-stage and growing small businesses located in the Geographic Service Area, which meet criteria established by the Massachusetts Banking Partners Small Business Loan Program. The program goal is to provide businesses that are creating jobs in low/moderate income areas, or areas targeted for economic development, with access to financing when traditional bank financing may not be an option. The Bank will offer term loans and lines of credit at reduced rates of up to 0.50% below the market rate. The minimum loan size will be $5,000.
Technical Assistance Partners:
Webster Five Cents Savings Bank partners with, and accepts referrals from, not-for-profit intermediaries that assist small business owners with the financing process, application through closing. The Bank partners with intermediaries that include, but are not limited to, community development corporations, non-profit training and counseling organizations, and government agencies or departments that support neighborhood and economic development.