Salem Five Cents Savings Bank

This is a community-focused commercial bank that offers SBA loan programs to support small business growth and development in the local area.

It is recommended to schedule an appointment to ensure dedicated service, but walk-ins may be accommodated depending on staff availability.

Salem Five Cents Savings Bank's Salem location operates Monday–Wednesday 8:00 AM–5:00 PM, Thursday 8:00 AM–6:00 PM, and Friday 8:00 AM–7:00 PM. Please confirm current hours directly with the branch.

There are no fees to visit or inquire, but loan processing and application fees may apply depending on the specific loan terms.

This bank primarily serves local residents and small business owners within its geographic region, but eligibility depends on meeting lending criteria.

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

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

Yes, this Salem Five location is open on weekends: Saturday 8:00 AM–1:00 PM and Sunday 11:00 AM–3:00 PM. Confirm with the lender for current weekend hours.

Salem Five Cents Savings Bank's Salem location at 424 Essex Street, Salem, MA 01970 has ample on-site parking available. Confirm current parking with the bank.

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

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

You can reach Salem Five Cents Savings Bank by phone at (978) 745-5247 or online at salemfive.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 Salem Five Cents Savings Bank before relying on them.

Based on its approved SBA loans, Salem Five Cents Savings Bank most often finances businesses in construction & contractors, general retail, restaurants & food service, cleaning, landscaping & janitorial, medical practices & clinics, and fitness & recreation. This reflects Salem Five Cents 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 Salem Five Cents 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 Salem Five Cents Savings Bank participates in SBA Express depends on its specific SBA lending authority. Contact Salem Five Cents 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. Salem Five Cents 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. Salem Five Cents Savings Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Salem Five Cents 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 Salem Five Cents 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 Salem Five Cents 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 Salem Five Cents 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. Salem Five Cents Savings Bank weighs this case by case under its own policy, so be upfront about your history and ask Salem Five Cents Savings Bank how it evaluates prior bankruptcies.