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 Loan Products
Southbridge Savings Bank offers
a complete line of lending
solutions to meet the needs of your
growing business.
Small Business Line of Credit
For small business we offer a line
of credit up to $50,000 that has a
quick and easy application process.
Approval is available in as little as
24 hours. This is a general purpose
line of credit that can be used for what
you need. The line of credit is managed
by the customer through Southbridge Savings
Bank's online Business Bank N' PaySM.
Lines of Credit
Lines of Credit provide a source of funds
for businesses that are repaid as sales
are generated and receivables collected.
Your line of credit is valid for a specific
amount and is reviewed annually based on
updated financial information which you
provide. Interest-only payments are required
during the term of the line, allowing you to
choose when to repay the principal. Once the
principal is repaid, it may be re-borrowed.
To receive funds from your line, simply fax
your request to us, and your account will be
credited with the specified amount.
Commercial Real Estate Loans
To meet your needs for the purchase, refinance
or construction of commercial properties and
non-owner occupied residential buildings,
Southbridge Savings Bank offers a variety of
commercial real estate loan solutions. The
term on commercial mortgages can be extended
to twenty years with a choice of multiple rate
options. Funds may be extended to 75% of the value
based on an appraisal.
Commercial Construction Loans
Southbridge Savings Bank offers construction loans
for all types of commercial and residential housing
projects, including rehabilitations. We even have a
program to help you with land financing. We can offer
a construction loan with interest only for a short
term period, and then roll it into a permanent mortgage
for up to 20 years. Construction loans are typically
for a term of up to 3 years with advances being made
in periodic intervals as work progresses.
Term Loans
Our term loans can provide the funds you need for
working capital, debt consolidation, or the purchase
of fixed assets. Terms can be one, three or five year
notes and amortized up to 10 years.
SBA Loans
Southbridge Savings Bank can help you acquire a credit
enhancement through the Small Business Administration.
SBA guarantees a portion of your loan. Funds can be
used for a wide variety of business purposes. Our
experience and in-depth knowledge of SBA policies and
procedures allow us to process your loan application
in about the same time as most bank loans."
Other Secured Loans
In addition to standard lending options, Southbridge
Savings Bank offers loans that are secured by stocks,
bonds, savings accounts and life insurance. These loans
may be issued for any legal purpose and offer competitive
rates with terms that may extend to five years.
Letters of Credit
These important financial tools help ensure
swift and efficient processing of a purchase
or sale. Import and Export Letters of Credit
authorize drafts up to a certain amount according
to specified terms. These are available as Stand-By
or Documentary Letters of Credit.
We're Available When You Are
Our Commercial staff will make
every effort to accommodate your
schedule by arranging meetings
with you after hours, in the
evening, or on Saturdays when
necessary. For your convenience
we will meet at our office, your
office, or at one of our branches.
Call 508-764-1000 or toll-free
800-939-9103 today and ask for one
of our specialists in the Commercial
Services Department.
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