Mascoma Savings Bank Reviews
Service and Support9.2/10
- Offers small business loans and lines of credit.
- Impressive commercial lending team.
- B Corp.
- Great if your business is located in New England.
- Many years in business.
- Website lacks business loan rates and information.
- Too regionally-focused.
- Invoice factoring not provided.
See the above info for Mascoma Savings Bank Reviews. If you’re a current or prior Mascoma customer, we’d love to hear some feedback from you. How was your experience, etc.?
Mascoma Savings Bank Spotlight
· Headquarters: Lebanon, New Hampshire
· In Business Since: 1899
· Known for: Benefit Corp banking, tax credit asset management, relationship banking.
· Primary Financing Methods: Commercial Construction Mortgages, SBA Loans, Lines of Credit.
Mascoma Savings Bank is a 120-year old financial institution serving both consumer and commercial customers throughout New England, primarily New Hampshire (the bank does serve customers nationwide). Structured as a B-Corp (benefit corporation) they operate under the ethos of making positive changes for all stakeholders.
Mascoma Savings Bank New Hampshire Branch Locations:
· Bethel (Main Street)
· Bethlehem (Main Street)
· Burlington (Battery Street)
· Canaan (Route 4)
· Charlestown (Main Street)
· Chelsea, VT (Route 110)
· Claremont (Broad Street)
· Enfield (Main Street)
· Hanover (Route 120, Main St.)
· Hartland, VT (Route 12)
· Keene (West St.)
· Lancaster (Main St.)
· Littleton (Main Street)
· Lyme (Main St.)
· New London (Newport Road)
· Portland, ME (Free St.)
· Walpole (Main Street)
For businesses, Mascoma Savings Bank offers several financial services. These include cash management, business checking accounts, merchant credit card processing, remote capture, mobile business banking, ACH transfers, online banking and bill pay solutions.
Further, offers a variety of small business funding options for its customers. As an SBA qualified lender, MSB can provide quick business loans, partially guaranteed (often 50%) by the U.S. government’s Small Business Administration.
Sometimes, SBA loans can be tougher to qualify for as a new business or one that doesn’t yet demonstrate profitability. Most traditional banks will turn these entities away rather quickly. Mascoma Savings Bank is somewhat different-which is why we highlight them on our site, generally focusing on invoice factoring companies and asset based lending companies like Strategic Funding, Swift Capital and Fleetone.
Mascoma Savings Bank is a registered ‘B’ Corporation. This means they have the ability to extend resources (they might not have otherwise) for projects that affect the greater good. So they operate not only for the bank’s bottom line, but also the environment, employee benefit, the community, etc. They also operate under the highest levels of transparency.1
What Type of Business Funding Does Mascoma Savings Bank Provide?
· Term Loans
· SBA Loans
· Commercial Loans
· Lines of Credit
· Letters of Credit
· Commercial Mortgages
· Commercial Construction Mortgages (construction loans)
As you can see, Mascoma Bank offers different business lending options. Lines of credit (i.e. revolvers) are best utilized for short-term borrowing needs. They allow small businesses to quickly access capital as needed, without the hassle of reapplying for a loan every time. This is a great option for seasonal or growing businesses.
As a qualified SBA lending bank, Mascoma also has the ability to extend small business loans, partially guaranteed by the U.S. government. Still, there are minimums for credit scores and operating history to qualify. Startups and businesses with extensive losses will likely not receive a loan from MSB. A better option for them might be shopping for online small business loans at Rapid Advance, Kabbage loans, Bluevine, Can Capital or National Funding.
According to their site, Mascoma also has alternative funding options including “quick and easy ways to manage [accounts] receivables.”
Mascoma Bank Pros and Cons
In addition to the Mascoma Savings Bank reviews above, we reiterate these key pros and cons:
· Offers small business loans and lines of credit.
· Impressive commercial lending team.
· B Corp
· Great if your business is located in New England.
· Many years in business.
· Website lacks business loan rates and information.
· Too regionally-focused.
· Invoice factoring not provided.
Similar Lenders to Mascoma Bank:
· Tab Bank