Salem Five Cents Savings Bank
SALEM, MA 1970
⭐ SBA Preferred LenderStates Served
Top Industries Financed
- Residential Remodelers
- Beauty Salons
- Janitorial Services
- Landscaping Services
- Plumbing, Heating, and Air-Conditioning Contractors
Quick Summary
Salem Five Cents Savings Bank is an SBA-approved lender headquartered in SALEM, Massachusetts. They are an SBA Preferred Lender, meaning they can approve loans without prior SBA review. Since 2020, they have approved 274 SBA 7(a) loans totaling $82.5M, with an average loan size of $301K. They serve businesses across 2 states.
About Salem Five Cents Savings Bank
Salem Five Cents Savings Bank is an SBA-approved lender headquartered in SALEM, Massachusetts. Since 2020, they have approved 274 SBA 7(a) loans totaling $82.5M, with an average loan size of $301K. As an SBA Preferred Lender, they have delegated authority to approve SBA loans without prior SBA review, resulting in faster processing times. They serve businesses across 2 states.
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Frequently Asked Questions
Is Salem Five Cents Savings Bank an SBA Preferred Lender?
Yes, Salem Five Cents Savings Bank is an SBA Preferred Lender (PLP). This means they have delegated authority from the SBA to approve loans without prior SBA review, resulting in faster approvals — typically 7–10 business days instead of 4–6 weeks.
How many SBA loans has Salem Five Cents Savings Bank approved?
According to SBA FOIA public records, Salem Five Cents Savings Bank has approved 274 SBA 7(a) loans totaling $82.5M since 2020. Their average loan size is $301K.
What states does Salem Five Cents Savings Bank serve?
Salem Five Cents Savings Bank serves businesses in 2 states: Massachusetts, New Hampshire.
How do I apply for an SBA loan with Salem Five Cents Savings Bank?
To apply for an SBA 7(a) loan with Salem Five Cents Savings Bank, contact them directly through the form on this page. Before applying, check your FICO SBSS score (the SBA's pre-screening score) and have your financial statements, business plan, and tax returns ready. Most SBA lenders require 2+ years in business, $100K+ annual revenue, and a personal credit score of 640+.
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