In addition to traditional term loans and lines of credit, Lowell Five offers several specialized loan programs targeted at smaller businesses. Options include Small Business Administration (SBA) loans, Small Business Banking Partnership loans, and an array of other small business loans to suit your specific needs.
Quick Lending Decisions
Need to seize that opportunity fast? Our specialized Small Business Lending Team can give you a fast decision on loans up to $50,000. Based on credit score, you can get equipment and working capital loans or business lines of credit attached to a checking account.
Our Small Business Team also provides guidance for all your business banking needs.
Lowell Five we understand the financing challenges faced by small business owners. If your startup or early-stage company doesn’t qualify for conventional loans, Lowell Five has the ability to offer SBA loans. These government-guaranteed loans offer lower down payments and more flexible terms for businesses that meet the SBA qualifying standards.
We offer multiple types of federal SBA loans: 504, 7(a) and SBA Express to aid with financing for your startup or expansion. Your experienced Lowell Five Lending Officer will help guide you to the right program.
- SBA Express: If you require a fast turnaround, SBA Express Loans have an accelerated approval process but a lower borrowing limit of $350,000.
- SBA 7(a) Loans: If yours is a newer business with a less established credit rating, SBA 7(a) loan options include both fixed and variable rates. You can get up to $5 million to fund operating expenses, capital equipment, real estate purchases, or improvements.
- SBA 504 Loans: These loans are ideal for larger, more established businesses that need longer-term financing for expansion, capital expenses, owner-occupied real estate and more. They offer fixed or variable rates, flexible terms and lower down payments than conventional loans.
Small Business Banking Partnership
You also may qualify for a low-interest loan for Massachusetts small businesses. Aimed at helping small firms expand or add employees, we can offer loans up to $1,000,000 through a partnership with the Massachusetts State Treasurer’s Office.
We take pride in watching our clients’ businesses prosper and create jobs in the community. Past loans include a number of minority-owned businesses and those located in moderate to low census tract areas that offer an opportunity for economic growth.
Resources for Small Businesses
Starting or growing a small business? Learn more about resources offered to Lowell Five Small Business customers.
Our Lowell Five business bankers can help you with accounts, services, and loans. We provide everything from free Business Checking and Business Credit Cards to Payroll and Cash Management Services such as Remote Deposit. Your relationship with you trusted Lowell Five Business Banking Advisor makes it easy for you to focus on growing your business, not juggling your finances.