Berkshire Bank Small Business Loan Review
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Berkshire Bank was also recognized as “Top SBA Lender” in their service area, highlighting the commitment of Berkshire Bank in fueling small businesses within each of the communities that they serve. Berkshire Bank has 93 full service branch offices in Massachusetts, New York, Connecticut, and Vermont providing personal and business banking, insurance, and wealth management services. Berkshire Bank works closely with the New York Business Development Corporation (NYBDC) and offers a full suite of financial services for small businesses.
Understanding Your Loan Options
Berkshire Bank is a participating institution in the Massachusetts Treasurer’s Office Small Business Partnership Program and lends millions every year in partnership with them. If your business has revenues below $2 million annually and you would like to borrow up to $100,000, the Express Business Lending Program can provide lines of credits, overdraft protection, or term loans, depending on your business needs. The streamlined application process is designed to produce a quick response. The Express credit line incurs no annual fee and the term loans allow for $100,000 in loan for up to 7 years with no annual fee.
If your business is interested in obtaining a line of credit, Berkshire offers those as well, whether you need to purchase materials, inventory or supplement cash flow timing, Berkshire Bank has Commercial Lines of Credit up to $2,000,000.
Speed of Implementation and Loan Duration
Like most lenders, Berkshire Bank doesn’t have any information on how long the applicant can expect the process to take. This makes sense when you consider the amount of money that some small business loans can require, so it’s no surprise that the bank doesn’t want to commit to a specific timeframe when making a decision about your loan. The fastest that you can expect to get approval on any SBA loan is 30 days, and that is a best case scenario for their loans designed specifically for quick approval.
If you are opening a line of credit, the process will be much less paper laden. It usually means showing some business documents and receipts for the last year to prove that your small business has the potential means to repay the loan. So, just how hard is it to get a small business loan?
Fine Print and Final Thoughts
Local banks are nice to work with because they are usually willing to tailor the loan options to the borrower in a more personal manner. If you already are doing business with the bank it will make it easier to go through them for a loan, as they will have access to your records already and may be more willing to work with you as a customer.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.