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Cape Ann Savings Bank

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Description

Specializing in small business financing, this commercial bank offers a variety of SBA loan programs designed to support entrepreneurs and business owners. Whether you’re seeking funding for startup costs, expansion, or working capital, they provide tailored solutions to meet your needs. Their experienced team guides clients through the application process, ensuring clarity and support at every step. With a focus on community development and fostering local business growth, they are committed to helping small businesses succeed. Their SBA program history includes a strong track record with the 7A loan program, offering flexible terms and competitive rates. The bank’s location in Gloucester allows it to serve a diverse range of industries, including hospitality, retail, and services. They are dedicated to providing accessible financing options, making it easier for small businesses to thrive in the region.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.8
Google Review Count
18
Question 1
What is this place and what can I find here?
Answer 1
This is a community-focused commercial bank that offers SBA loan programs to support small business growth and development in Gloucester and surrounding areas.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It"s recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-in consultations may also be available during business hours.
Question 3
What are the hours of operation?
Answer 3
The bank operates from 9:00 AM to 5:00 PM, Monday through Friday, with additional hours by appointment.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for initial consultations; standard loan fees and closing costs apply upon approval and funding.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves small business owners and residents in the Gloucester area, but eligibility depends on meeting specific loan criteria.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of 640 is generally preferred, though higher scores improve approval chances.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes 30 to 45 days, depending on the completeness of the application and documentation.
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