Cape Ann Savings Bank

This is a community-focused commercial bank that offers SBA loan programs to support small business growth and development in Gloucester and surrounding areas.

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.

The bank operates from 9:00 AM to 5:00 PM, Monday through Friday, with additional hours by appointment.

There are no fees for initial consultations; standard loan fees and closing costs apply upon approval and funding.

This bank primarily serves small business owners and residents in the Gloucester area, but eligibility depends on meeting specific loan criteria.

A minimum personal credit score of 640 is generally preferred, though higher scores improve approval chances.

The underwriting process typically takes 30 to 45 days, depending on the completeness of the application and documentation.

Most banks keep weekday business hours and are closed on weekends, and Cape Ann Savings Bank typically follows the same pattern. SBA lending staff are generally reachable Monday through Friday. A few locations offer Saturday or by-appointment hours, so call Cape Ann Savings Bank to confirm current weekend availability before you go.

Cape Ann Savings Bank is located in Massachusetts — see the contact card for the full address. Most bank locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.

This page is an independent directory listing for Cape Ann Savings Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Cape Ann Savings Bank itself, which runs its own lending under its own ownership. If you work at Cape Ann Savings Bank, you can claim this listing from this page to manage it.

The core details for Cape Ann Savings Bank — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with Cape Ann Savings Bank before applying. If you represent Cape Ann Savings Bank, claim this listing to keep its information up to date.

You can reach Cape Ann Savings Bank by phone at (978) 283-0246 or online at capeannsavings.bank — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with Cape Ann Savings Bank before relying on them.

Based on its approved SBA loans, Cape Ann Savings Bank most often finances businesses in general retail. This reflects Cape Ann Savings Bank's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Cape Ann Savings Bank which sectors it actively lends to before you apply.

SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Cape Ann Savings Bank participates in SBA Express depends on its specific SBA lending authority. Contact Cape Ann Savings Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.

SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established banks hold PLP status, but it varies by institution. Cape Ann Savings Bank can confirm its current PLP standing — ask before you apply if speed matters to you.

Cape Ann Savings Bank makes loans to small businesses that are SBA-guaranteed, offering a variety of SBA-structured loans for startups. Confirm availability and requirements with the bank directly.

For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask Cape Ann Savings Bank what down payment it expects for your specific commercial real estate purchase.

SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask Cape Ann Savings Bank to spell out any prepayment penalties before you sign.

SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with Cape Ann Savings Bank to confirm it qualifies and how to document it.

A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. Cape Ann Savings Bank weighs this case by case under its own policy, so be upfront about your history and ask Cape Ann Savings Bank how it evaluates prior bankruptcies.