Cambridge, Mass. – East Cambridge Savings Bank today announced their participation in the Federal Reserve Main Street Lending Program. Part of the CARES Act, this loan program is intended to assist small to medium size businesses that are in sound financial condition but have been negatively impacted by the COVID-19 pandemic and associated closures. The Main Street Lending Program is meant to help eligible businesses meet working capital expenses including, payroll cost, rent, utilities, and mortgage obligations.
The Main Street Lending Program is a unique partnership between the Federal Reserve and participating lenders, including East Cambridge Savings Bank. “The Main Street Lending Program enables us to work with businesses who might think they need a bigger or regional bank to meet their credit needs,” said Tim Bombard, the Bank’s Chief Lending Officer. “We have the expertise and ability to work with borrowers to determine their needs and quickly and efficiently process their loan. Thanks to this partnership with the Federal Reserve, we can deliver this program to local business so they can access the credit they need.” The Bank is specifically participating in the Main Street Lending Program New Loan Facility (MSNLF) which offers loan amounts between $250,000 to $35 million.
In addition to the Main Street Lending program, the Bank continues to offer a business relief loan which includes interest only payments for 9 months. “Even as local businesses begin to open their doors and prepare to welcome back customers and clients, the acute economic impact of COVID-19 will be felt for many months to come,” said President and Chief Executive Officer Gilda Nogueira. “Through this Federal Reserve program and our own lending products and services, our Bank has the resources, ability, and willingness to help businesses recover. Our message to local businesses is clear: we are here to help.”
Businesses interested in applying for a Main Street Lending Program loan should contact Tim Bombard, Chief Lending Officer, at 617.551.2420 or
tbombard@ecsb.com.
For more information and what the Bank is doing to respond to the COVID-19 pandemic and support the community, please visit ecsb.com
About East Cambridge Savings Bank
East Cambridge Savings Bank is a full-service mutually-held savings bank that believes in connecting with customers. The Bank was established in 1854 and is dedicated to providing businesses and individuals with a full line of banking services in the communities it serves. Headquartered in Cambridge, the Bank has locations in Arlington, Belmont, Cambridge, Chelsea, Malden, Medford, Somerville, and Waltham, as well as an educational training facility at Cambridge Rindge and Latin School. The Bank is a member of the Federal Deposit Insurance Corporation (FDIC), the Depositors Insurance Fund (DIF), and is an Equal Housing Lender.
CONTACT:
Leo Gayne
Assistant Vice President, Public Relations Officer
East Cambridge Savings Bank
617-551-2353
lgayne@ecsb.com