Blue Foundry Bank on Aug. 31 announced the launch of Small Business Administration (SBA) 7(a) Loans and Blue Carbon Business Loans.
These offerings strengthen the bank’s support of small and middle-market businesses by adding loan products that complement its Blue Carbon Business deposit products, serving businesses’ lending and deposit needs.
After participating in the Paycheck Protection Program (PPP), Blue Foundry Bank provided more than 1,000 loans impacting more than 9,000 employees. These recent efforts galvanized the bank’s commitment to local businesses and emphasized the need to provide access to the right products and solutions to continue to support small and middle-market businesses for the long term.
As an authorized SBA 7(a) Program lender, Blue Foundry Bank is able to provide small and middle-market business customers with customizable loans in a variety of loan categories that allow for easier qualification, longer terms, and lower down payments on fixed assets versus most standard loans. SBA loans are available to for-profit businesses that may not qualify for a conventional loan.
Loan types range from $100,000 to $10 million and can be used toward managing payroll, improving cash flow, upgrading or purchasing equipment, funding construction or renovations and other business objectives.
Additionally, the bank launched Blue CarbonBusiness Loans, offering three new types of financing for both small and middle-market businesses.
Partnering with Blue Foundry Bank includes individualized offerings built from the ground up with end-to-end personal service, advanced technology for a seamless process, and competitive rates with streamlined approvals.
“At Blue Foundry Bank, we take the success of our business customers personally and understand that a top priority for them is access to capital and a partner that understands their needs and goals,” said President and Chief Executive Officer James Nesci. “We’re thrilled to deepen our commitment to our local businesses by providing them with a full suite of loan products that will enable them to grow and expand for years to come.”