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A Few Keys to Accessing Capital

Discover financing options from Eastern Bank - largest independent bank in New England. Learn about microlending, government programs, and small business deals. Get insights from experts and participate in Q&A session.

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A Few Keys to Accessing Capital

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  1. A Seminar By Ting Wong, VP Bus Banker Shervin Khakian, VP Manager Tom Walsh, VP Manager Eastern Bank A Few Keys to Accessing Capital

  2. Introduction to Eastern Bank Types of Financing How to Get Financing Q & A Overview of the Presentation

  3. Founded in 1818, Eastern is the largest independent, mutually owned bank in New England We now have 99 branches in Massachusetts # 1 SBA Lender in New England for past six years Local bank dealing with local businesses – We primarily do business with companies in Massachusetts and New Hampshire Local decision making -  Largest commercial bank headquartered in Boston Who is Eastern Bank

  4. Microlending is a source of debt financing up to $50,000 • The loans are made by microlenders such as ACCION USA, Economic Development Corps like SEED • Generally are higher risk than conventional lending, therefore interest rates are higher • Good for not yet established businesses, home based businesses Microlending - Debt

  5. Can be National Programs like SBA financing, USDA lending or Ex Im bank • Can be state programs like the MGCC, BDC Capital Recycling LF or others • Can be local programs like Salem Small Business Loan fund, Storefront Renovation Program • Generally have lower interest rates, better terms but harder to get • Normally tied to job creation goals Government Programs – Can be Debt or Equity

  6. Eastern Bank consider small business deal size from $10,000 up to $3,000,000 • We work with all industries, even “so-called” high risk industries like construction and restaurants • Eastern provides term loans, lines of credit and commercial real estate loans for small business • For Deals up to $100,000, if you meet certain parameters, Eastern Bank can provide loan funding and approval within 15 minutes • For Deals over $100,000, typical turnaround from start to close on non real estate deals is four weeks Typical Deal Size and Parameters

  7. Question and Answer Session

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