Blue Foundry Bank, a Rutherford-based financial institution that offers a full service, crafted banking experience, has 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 the loan products that complement their Blue Carbon® Business deposit products, serving businesses’ lending and deposit needs.
After participating in the Paycheck Protection Program (PPP), Blue Foundry Bank provided over 1,000 loans impacting more than 9,000 employees. These recent efforts have galvanized the bank’s commitment to local businesses and emphasized the need to have 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.
Additionally, the Bank has launched Blue Carbon® Business Loans, offering three new types of loans 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 James D. Nesci, president & CEO at Blue Foundry Bank. “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.”
Loan types range from $100K to $10M and can be used toward managing payroll, improving cashflow, upgrading or purchasing equipment, funding construction or renovations and other business objectives. Interested business customers can learn more and begin the application process at bluefoundrybank.com/SBA or bluefoundrybank.com/blue-carbon-business-loans.
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