Alert Message

East Cambridge Savings Bank will be closed on Monday, February 17 in observance of Presidents' Day. Digital Banking and ATMs will be available for your banking needs.

Small Business Express Loans FAQ

Small Business Express Loans FAQ

Frequently Asked Questions
  • For-profit business1
  • Registered in MA; Operates within the Bank’s lending area (Arlington, Belmont, Cambridge, Chelsea, Everett, Lexington, Lynn, Malden, Medford, Newton, Revere, Saugus, Somerville, Waltham, Watertown, Winchester, and Woburn)
  • At least 2 years in business under same majority ownership
  • Minimum personal credit score of 680 and business score of 80 are typically required
  • Minimum annual revenue (varies based on loan amount)
  • Collateral to be provided by 1st lien on eligible business assets
  • Total business lending exposure of $50,000 or less – 6 to 12 months of bank statements
  • Total business lending exposure greater than $50,000 –
    • One (1) Year Business Federal Tax Return
    • YTD Business Financial Statement if application date is 6 months beyond fiscal year
    • One (1) Year Personal Federal Tax Return for owners2
    • Personal Financial Statement for owners 2
Monthly payments from an ECSB deposit account. The interest rate is fixed, but rates may vary from time to time. Please contact us at 1.866.354.3272 for the most current rates.

Think you may not qualify for a small business express loan or do you have more questions?  
  • Contact us at 1.866.354.3272 to speak with a lending officer to discuss how we may best serve you; or 
Ready to apply? 
  • For borrowing needs of $250,000 or less: apply online
  • For borrowing needs over $250,000 or if you need a more specialized loan: Contact one of our experienced lenders below who can tailor a financing solution to fit your business’ needs

1Should not be considered ineligible under the SBA loan program guidelines
2Owners with 20% or more ownership in business must provide personal guaranty

 

East Cambridge at Your Service

  • Seth Felix Image

    Seth Felix

    VP, Commercial Lending Officer
    781.254.2540
    Email Seth
  • Stephen Ferullo Image

    Stephen Ferullo

    SVP, Sr. Commercial Lending Officer
    617.551.2576
    Email Stephen
  • Ryan Johnson Image

    Ryan Johnson

    VP, Commercial Lending Officer
    617.551.2496
    Email Ryan
  • Rick Sullivan Image

    Rick Sullivan

    SVP, Commercial Lending Officer
    617.551.2331
    Email Rick
  • Lynn M. Wahlquist Image

    Lynn M. Wahlquist

    VP, Commercial Lending Officer
    617.551.2317
    Email Lynn

LOCATIONS

GET DIRECTIONS