Bay State Savings Bank

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.

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.

Bay State Savings Bank's weekday hours are 9:00 AM to 4:00 PM, with most locations extending to 5:00 PM on Thursday or Friday. Please confirm your specific branch's hours before visiting.

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.

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.

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

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 is open on Saturday from 9:00 AM to 12:00 PM at select locations (including Worcester and Auburn), but closed on Sundays.

Bay State Savings Bank locations offer parking. For specific directions and detailed parking information, contact the bank directly.

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

The core details for Bay State 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 Bay State Savings Bank before applying. If you represent Bay State Savings Bank, claim this listing to keep its information up to date.

You can reach Bay State Savings Bank by phone at (508) 890-9000 or online at baystatebank.com — 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 Bay State Savings Bank before relying on them.

Based on its approved SBA loans, Bay State Savings Bank most often finances businesses in general retail and restaurants & food service. This reflects Bay State 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 Bay State 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 Bay State Savings Bank participates in SBA Express depends on its specific SBA lending authority. Contact Bay State 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. Bay State Savings Bank can confirm its current PLP standing — ask before you apply if speed matters to you.

The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. Bay State Savings Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Bay State Savings Bank directly whether it considers start-up loans.

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 Bay State 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 Bay State 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 Bay State 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. Bay State Savings Bank weighs this case by case under its own policy, so be upfront about your history and ask Bay State Savings Bank how it evaluates prior bankruptcies.