Business owner/CEOs frequently ask about new or alternative sources of financing, especially in the credit crunch of the last year. Community banks can be great sources of funding, but you have to meet them on their terms.
An experienced intermediary can also be helpful. Here’s some
recent information from Fantini & Gorga:
"New England alone has over
200 banks with over $500 million in assets. Collectively they’re well capitalized. Many are
lending actively in the $1,000,000 - $25,000,000 range.
"But although their focus is local, it can be hard to get the best loan terms from these community banks. They move in and out of the market. They have very particular – and frequently changing - loan criteria. Often these banks need a participant, or even a small syndicate of banks, to reach the needed loan amount. Terms and pricing vary widely.
"Check out our most recent Out of the Ordinary to get a composite picture of what this critically important, but highly fragmented source of financing is doing."
Fantini & Gorga can be reached at the following address: *
Fantini
& Gorga
265 Franklin Street
Boston , MA 02110
(617) 951-2600
(617) 951-9944 (Fax)
* I am familiar with Fantini & Gorga's work, but othersie have no affiliation or arrangement with the firm.
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