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Bay State Savings Bank

Specializing in small business financing, this commercial bank offers a range of SBA loan programs designed to support entrepreneurs and business owners. With a focus on the needs of local businesses, it provides tailored lending solutions including SBA 7(a) loans, which are ideal for funding working capital, equipment, or expansion projects. The bank has a proven track record of approving loans up to $500,000, helping clients achieve their growth objectives. Its experienced lending team understands the nuances of SBA lending and works closely with borrowers to streamline the application process, ensuring quick and efficient service. Whether you’re starting a new venture or expanding an existing business, this bank is committed to providing accessible financing options that meet your specific needs. Located in Worcester, MA, it serves a broad range of industries, with particular strength in commercial construction, real estate development, and small business growth initiatives. The bank’s commitment to community development and small business support makes it a trusted partner for entrepreneurs seeking reliable funding solutions.

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Lender Type

Commercial Bank

Google Rating

4.4

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Question 1

What is this place and what can I find here?

Answer 1

This is a commercial bank that offers SBA loan programs to help small businesses secure funding for growth, equipment, and other needs. You can find information about loan options, application processes, and support services tailored for entrepreneurs. The bank specializes in SBA 7(a) loans, providing accessible financing solutions to local businesses in Worcester and beyond.

Question 2

Do I need an appointment or can I walk in?

Answer 2

It"s recommended to schedule an appointment to meet with a loan officer, but walk-ins are also welcome during business hours. Calling ahead can help ensure your needs are addressed promptly and that you have all necessary documentation prepared.

Question 3

What are the hours of operation?

Answer 3

The bank operates Monday through Friday from 9:00 AM to 5:00 PM. It is advisable to confirm hours before visiting, especially during holidays or special circumstances.

Question 4

Is there a fee to use this?

Answer 4

There are no fees for simply visiting or inquiring; however, loan applications may involve fees such as application fees, guarantee fees, or closing costs depending on the loan type and amount.

Question 5

Who is this open to — anyone, or only residents/members?

Answer 5

This bank primarily serves small business owners and entrepreneurs in the Worcester area, but its SBA loan programs are accessible to eligible businesses nationwide that meet the criteria.

Question 6

What minimum personal credit score does this bank look for in a guarantor?

Answer 6

A minimum personal credit score of around 650 is typically recommended, though higher scores improve the chances of approval.

Question 7

How long does the traditional underwriting process take from start to close?

Answer 7

The underwriting process generally takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation.

Bay State Savings Bank

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