Small Business Administration (SBA) loans

Westfield Bank was founded on the idea that thriving communities start with healthy businesses. That’s why, as your neighbor and a champion of small businesses like yours, we’re committed to knowing the needs of your business and our community.

Preferred lender program

SBA lender logo

In 2022, Westfield Bank earned the SBA’s Preferred Lender status. This recognition isn’t just a testament to our strength and dependency as a bank – it’s an exciting resource for your business, no matter where you are on your journey.

SBA Business Loans

The SBA is a federal agency dedicated to supporting small businesses and entrepreneurs. It provides government backed business loans to help finance costs associated with new business startups, mergers and acquisitions, growth (such as hiring new employees) and transformation (such as debt refinancing), and real estate expansion.

SBA loans are among the most secure financing option for business owners, yet many of those eligible are deterred by the red tape and the bureaucratic headaches associate with the traditional application process.

SBA’s Preferred Lenders Program (PLP) provides trusted banks – including Westfield Bank - with the highest level of approval authority in order to empower businesses in their community with maximum efficiency. This gives your business access to SBA loans with lower down payments and favorable terms.

We offer a streamlined application process for the following loans:

7(a) Loans

Financing to merge or acquire a business, for new equipment purchases, or as working capital for expansion.

Up to $5 million

in financing

Longer-term financing

and lower down payments

Competitive rates

fixed and variable

504 Loans

Designed to promote business growth and job creation and support purchasing land, constructing new or renovating existing buildings or acquiring long-term machinery equipment.

Up to $5.5 million

in financing

Longer-term financing

at a fixed rate up to 25 years

Lower down payments

7(a) Express loans

An expedited application review process and quicker access to funds to rebuild, re-open, repair or enhance your small business.

Up to $500,000

in financing

Longer-term financing

at a fixed rate up to 10 years

Minimal fees

Resources

Forms

SBA Checklist

We created a simple loan submission checklist to organize and ensure your business has the required documents needed to complete your application.
Download

Borrower Information Form

A required, three-section form to collect information about your business, its owners, and the purpose of your loan request. It’s helpful to have this completed, or started, as we talk through the application process.
Download

Videos

At Westfield Bank, we prioritize building engaging partnerships and exchanging knowledge, sharing valuable insights and expertise with one another through digital resources.

In the 24th episode of our Sharing Knowledge Series, we discuss financing strategies for business looking to grow, with a large emphasis on the benefits of SBA and other lending programs. Watch or listen now.

SKS Episode 24

Frequently asked questions

How do I know if I’m eligible for an SBA loan?
1. SBA loan eligibility requires you to be a for-profit business, to do business in the U.S., to have invested equity, and for instances where financing options were not otherwise available on reasonable terms from non-government sources. You can learn more about SBA eligibility requirements HERE
How do SBA loans work?
1. SBA loans work similarly to traditional business loans in the sense that you apply through an approved lender, and once approved, you receive funds and then pay them back based on the agreed upon terms
How long does SBA loan processing take?
1. Processing can take between 30 and 90 days, though you can expect the process to be quicker when you apply through a Preferred Lender like Westfield Bank
What happens after my SBA loan is approved?
1. Once an SBA loan is approved, it usually takes 1-2 weeks for the funds to be deposited into your account