Community Business Loan
Salem Small Business Loan Fund
MCCI has partnered with the Salem Small Business Loan Fund to co-offer small business loans to Salem-based existing and start-up businesses that cannot currently access financing from a traditional bank or credit union lender.
For more information, contact Elsabel Rincon, Business Development Lending Officer, at (978) 252-2564 or elsabel.rincon@mccinvest.org. Schedule a loan consultation appointment here: select appointment.
To Qualify Businesses Must Demonstrate
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The business owner(s) are 18 years of age or older
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The business is located in Salem, MA
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The community would benefit from the business project
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20% investment into the business by the business owner
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Willingness and capability to repay the loan
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Business industries not applicable- Cannabis, Adult Entertainment, Firearms, Pyramid based, Real Estate/Stock speculation
Details
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Amount: $5,000 to $100,000
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Terms: 1 to 5 years
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Interest Rate: Fixed, 3 points above WSJ Prime Rate at time of loan closing
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1% Closing fee
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No Application Fee
The Salem Small Business Loan Fund was created in partnership between MCCI, the Essex County Community Foundation, the City of Salem, Mass Growth Capital Corporation, and several banks including Eastern Bank, East Boston Savings Bank, Boston Private Bank, North Shore Bank, Berkshire Bank, and St. Jean’s Credit Union.
Businesses also have access to technical assistance from a network of small business support organizations including Enterprise Center, North Shore Community Development Coalition, North Shore Business Latino Association, Creative Collective, Massachusetts Small Business Development Center, E For All Lynn, and the North Shore Alliance for Economic Development.
