BUSINESS BANKING PRODUCTS
BUSINESS BANKING PRODUCTS
| CHECKING | COMMERCIAL MORTGAGES |
CONSTRUCTION MORTGAGES |
COMMERCIAL TERM LOANS |
LINES OF CREDIT |
LETTERS OF CREDIT |
DEVELOPMENT LOANS | SBA LENDING | 504 MORTGAGES |
CHECKING ACCOUNTS
Essex Savings Bank offers your business an important financial tool: People who enjoy helping people. The convenience of business checking can not only save accounting time, reduce borrowing needs and increase investment income opportunity, it is our quick response to your needs that adds the real value.
No minimum balance required and no transaction fees for checks written or
deposits made. We want to help non-profits succeed.
Whether you’re looking to refinance an existing building, or purchase a new one, our commercial mortgages are tailored to fit your needs. We offer competitive rates and terms for owner-occupied or investment properties. Fully amortizing loans with no balloons or calls.
We specialize in construction financing. If you are expanding an existing facility or building a brand new one, our construction mortgages can help you achieve your goals. Only one closing for construction to permanent mortgages and initial rate lock period from the start eliminates your interest rate risk during construction!
Fixed and variable rate term
loans are available to fund the acquisition of machinery and equipment or other
long term capital needs of your business.
Working capital lines of credit
are available to assist your business with seasonal or cyclical cash flow needs,
or meet other short term financing requirements.
Stand-by financing, typically
used to support bid bonds or performance bonds.
DEVELOPMENT LOANS
Designed to fund the acquisition and construction of subdivisions. Let us structure a comprehensive land development package for you.
SBA LENDING
ESB partners with the US Small
Business Administration to provide loans backed by the SBA 7a Program. These
loans can be used for start-up companies or those seeking significant business
expansion. Our knowledgeable lending staff will guide you throughout this
process.
504 MORTGAGES
An exciting opportunity for
business owners seeking to purchase owner-occupied real estate. This product
provides up to 90% financing, with a 50% conventional first mortgage and up to a
40% second mortgage funded through an SBA debenture. Limits cash injection
required by the borrower and stabilizes cash flow with a long term, fixed rate
second mortgage. Can also be used to fund long term machinery and equipment
acquisitions.
Our experienced commercial lending team is ready to help. Please call or e-mail
us today at:
Jesse R. Wenzel, Vice President Commercial Loans
E-MAIL or Call: (860) 767-4414
x 248
Diane L. Hoadley, Vice President Commercial Loans
E-MAIL or Call: (860) 767-4414 x 323
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