At EBSB we are committed to offering your business every opportunity to succeed by providing the necessary financial backing – up to $60 million, you require by offering commercial products and services designed to help businesses of all sizes prosper and grow. As an SBA Preferred Lender we can offer a number of financing programs that provide flexible terms which otherwise would not be available to businesses through normal channels.
SBA Preferred Lender
In participation with the U.S. Small Business Administration (SBA), EBSB is committed to meeting the financing needs of small businesses. These are a number of financing programs available that will provide flexible terms which otherwise would not be available to businesses through normal channels. These SBA programs provide financing solutions for purposes such as:
- Buying or starting a business
- Expanding or renovating an existing business facility
- Purchasing equipment
- Purchasing land and building for your business
- Lines of Credit
Small Business Banking Partnership Program
East Boston Savings Bank has received deposits totaling $10 million from the State Treasurer’s Office for EBSB’s commitment in the Small Business Banking Partnership program. Created in May of 2011, the Small Business Banking Partnership is an initiative that shifts state funds out of big national banks and into smaller regional, local and community banks. These financial institutions use the deposits to make new loans to credit-worthy small businesses in an effort to help them expand and create new jobs in the commonwealth.
EBSB is proud to participate in this program supporting small businesses that drive job creation. In the 3rd quarter of 2017 EBSB had closed 3 loans totaling $605,000.
Lines of Credit
This revolving line of credit helps with your short-term borrowing needs. Borrow as much as you require up to your lending limit. As you repay your loan, those funds become available for future borrowing needs.
Equipment loans are made for most business purposes, including manufacturing equipment, corporate vehicles, computer hardware and software, etc. With flexible fixed and variable financing from $100,000, EBSB will work with you to help with the financing you need.
If you are a small business and would like more information on small business financing, please contact Charles Ciovacco, Vice President, Business Banking at 978-977-6025 or firstname.lastname@example.org.