The Salem Small Business Loan Fund offers small businesses loans to Salem based existing and start-up businesses that cannot currently access financing from a traditional bank or credit union lender.
To Qualify Businesses Must Demonstrate:
- The business owner(s) are 18 years of age or older
- The business is located in Salem (later to be expanded to other North Shore areas)
- The community would benefit from the business project
- 20% investment into the business by the business owner
- Willingness and capability to repay the loan
- Business industries not applicable- Cannabis, Adult Entertainment, Firearms, Pyramid based, Real Estate/Stock speculation
Terms and Conditions:
- Loans are between $5,000 and $100,000
- Fixed interest rate of 7%
- 1 to 5-year terms
- 1% Closing fee
- No Application Fee
For more information or to apply in English please contact Aaron Lackman at (978) 258-2772 ext. 18 or at firstname.lastname@example.org
Para mas informacion o para postularse en espanol contacte Kristin Wallace at (978) 258-2772 ex. 16 o en Kristin.email@example.com
Businesses will also have access to technical assistance from a network of small business support organizations including Enterprise Center, North Shore Community Development Coalition, North Shore Business Latino Association, Creative Collective, Massachusetts Small Business Development Center, E For All Lynn and the North Shore Alliance for Economic Development.
The Salem Small Business Loan Fund was created in partnership between Mill Cities Community Investments, the Essex County Community Foundation, the City of Salem, Mass Growth Capital Corporation, and several banks including Eastern Bank, East Boston Savings Bank, Boston Private Bank, North Shore Bank, Berkshire Bank and St. Jean’s Credit Union.