Eastern Bank Small Business Loan Review
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Eastern Bank is a regional retail bank that offers a range of financial products and services. Among their services are the traditional and the nontraditional Express Business loan which features the easiest SBA application process and accelerated approval times. They offer all three SBA loans, including the 504 program that focuses on real estate and machinery funding and the 7(a) program that requires security but offers the same real estate loans for variable rates and 20-25-year terms, as well as many other purposed loans. All these loans offer longer terms and lower down payment requirements than conventional loans.
Understanding Your Loan Options
Eastern Bank follows all of the requirements laid out by government guidelines when it comes to approving SBA loans. They might be a little bit more strict than other SBA lenders in order to preserve their ability to offer some of the fastest turnaround times on SBA loans.
They also offer other commercial services, including cash advances, lines of credit, term loans, and payroll services. These products all have different requirements and conditions. Make sure you get a firm understanding of what the financial product you’re interested in requires so you can make the application process as quick and easy as possible. The terms you’ll get on other financial products with Eastern Bank depend on several elements, including your business’s credit score, your credit score, annual revenue, and other such figures.
Speed of Implementation and Loan Duration
Eastern Bank is a regional retail bank that offers products like their Express Business Loan – which is designed to make it easier for Massachusetts small businesses to get fast funding of up to $100,000. Theoretically it only takes about 2 minutes to complete the application, and you’ll receive an instant decision on your loan. This kind of immediate capital influx can make a significant difference when either great opportunities or bad luck occurs for a small business.
Other commercial services for merchants and small businesses are the usual array of cash management, lines of credit, term loans and payroll services are all available and are no doubt a wise move to start at least small accounts and work up to larger loans and transactions.
Fine Print and Final Thoughts
Because Eastern Bank has been declared the number one SBA lender in the Northeast, they enjoy a status that allows them to act more quickly and with less oversight on the underwriting and processing of SBA-sponsored loans. Their non-government backed products are also well reviewed, and can provide the capital that you need to grow your small business.
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.