August 31, 2021
Blue Foundry Bank, a Rutherford-based financial institution that offers full service and a personalized banking experience, announced the launch of Small Business Administration (SBA) 7 (a) Loans and Blue Carbon® Business loans. These offers strengthen the bank’s support for small and medium-sized businesses by adding credit products that complement their Blue Carbon® Business deposit products, serving the credit and deposit needs of businesses.
After participating in the Paycheck Protection Program (PPP), Blue Foundry Bank has granted more than 1,000 loans to more than 9,000 employees. These recent efforts have galvanized the bank’s commitment to local businesses and underscored the need for access to the right products and solutions to continue supporting small and medium businesses over the long term.
As an authorized SBA 7 (a) program lender, Blue Foundry Bank is able to provide small and medium-sized businesses with customizable loans in a variety of loan categories that allow for easier qualification, longer terms and down payments. lower on fixed assets. compared to most standard loans. SBA loans are available for for-profit businesses that may not qualify for a conventional loan.
In addition, the Bank launched Blue Carbon® Business loans, offering three new types of loans for small and medium businesses. The partnership with Blue Foundry Bank includes individualized offerings designed from the ground up with personalized end-to-end service, cutting-edge technology for a seamless process, and competitive pricing with streamlined approvals.
“At Blue Foundry Bank, we take the success of our corporate clients personally and understand that a top priority for them is access to capital and a partner who understands their needs and goals,” said James D. Nesci, President and CEO of Blue Foundry. Bank. “We are delighted to deepen our commitment to our local businesses by providing them with a full line of loan products that will allow them to grow and develop for years to come. “
Loan types range from $ 100,000 to $ 10 million and can be used to manage payroll, improve cash flow, upgrade or purchase equipment, finance construction or renovations, and other business purposes. 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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