Middlesex Savings Bank Reviews

8.8

Overall

8.7/10

Funding Speed

8.5/10

Cost

8.7/10

Experience/Reputation

9.0/10

Service and Support

8.9/10

Pros

  • Can provide up to $3 million for business mortgage loans.
  • Ample capacity ($1.5 million max) on line of credit.
  • Four business cards to choose from.
  • Great if your business is located in New England.
  • Over 180 years in business!

Cons

  • $10,000 minimum for the line of credit (too high for some businesses).
  • Too regionally focused.
  • Not a great solution for very small companies.

Middlesex Savings Bank Reviews

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Middlesex Savings Bank Spotlight

·       Headquarters: Concord, Massachusetts

·       In Business Since: 1835

·       Known for: Local banking, charitable programs, educational grants.1

·       Primary Financing Methods: Commercial Construction Mortgages, SBA Loans, Lines of Credit.

Middlesex Savings Bank is a 180+ year-old financial institution serving both individuals and small businesses throughout Massachusetts. While they’re primarily focused on the MetroWest area west of Boston, Middlesex also serve customers throughout New England. The company has grown through strategic mergers including Natick Five Cents Savings Bank and Strata Bank.

Select Middlesex Savings Bank Massachusetts Locations:

·       Acton

·       Ashland

·       Bedford

·       Bellingham

·       Concord

·       Groton

·       Litttleton

·       Maynard

·       Medway

·       Natick

·       Needham

·       Sherborn

·       Walpole

·       Wayland Center

·       Westford

For small businesses, Middlesex Savings Bank offers a number of 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.

Middlesex is also a SBA qualified lender, MSB can provide quick business loans, partially guaranteed (often 50%) by the U.S. government’s Small Business Administration. SBA loans are still difficult for newer businesses or those lacking profits or a traditional business plan to access.

Those companies might consider online or asset based lending companies like Strategic Funding, Swift Capital, Fleetone and Rapid Advance. The rates will be higher but the funds will be obtained much quicker, sometimes same day (Ondeck Capital).

What Type of Business Funding Does Middlesex Savings Bank Provide?

·       Business Line of Credit

·       Business Reserve Line of Credit

·       Term Loan

·       Business Mortgage

·       Business Line-to-Loan

·       SBA Loans

·       Business Credit Cards

Clearly, Middlesex Bank offers plenty of business lending options. Their business line-to-loan product is a unique offering allowing the borrower to finance different equipment purchases. It really maximizes cash flow since the payments are the [lower] interest-only option for the first year, then convert to a higher, fixed payment once the equipment’s put to use. This strategy can be utilized by construction, manufacturers, printers, or any business with substantial equipment looking to improve their net working capital position.

Middlesex also offers an array of small business credit cards. These Visa-branded cards are essentially bad credit business loans, since they’re generally accompanies by significantly higher rates than regular business loans. Frequently tapped by newer or high-growth companies, the interest on these cards will be higher, especially the lower a business’ credit score. Keep in mind, Elan Financial Services is actually the creditor on these cards.

Like the Bank America Business Credit Card, Middlesex Bank offers a number of Visa-branded business cards with different perks. Middlesex Savings Bank offers the following lineup:

1.       Visa Business Card

2.       Visa Business Cash Card

3.       Visa Business Real Rewards Card

4.       Visa Business Rewards Plus Card

Each of these cards has expense management tools, EMV smart chip technology, mobile purchasing and free cards for employees. Between these four offerings, your business can find just the right balance of travel or other rewards and cash back that can be reinvested. The Visa Business Card doesn’t come with rewards per say, but can be utilized like balance transfer cards, where an older, higher-interest balances are exchanged for lower [introductory] rates.

 Noticeably absent, though, are any direct invoice finance options including invoice factoring and accounts receivable factoring. There are over $3 trillion in outstanding trade credit, which should act as ample collateral for small business funding.1 But most traditional banks are simply too conservative for such alternative options.

According to their site, Middlesex does facilitate alternative funding options including “quick and easy ways to manage [accounts] receivables.” Middlesex can indirectly offer alternative funding products through partnerships, which is why they are included in our reviews.

Middlesex Bank Pros and Cons

In addition to the Middlesex Savings Bank reviews above, we reiterate these key pros and cons:

Main Pros:

·       Can provide up to $3 million for business mortgage loans.

·       Ample capacity ($1.5 million max) on line of credit.

·       Four business cards to choose from.

·       Great if your business is located in New England.

·       Over 180 years in business!

 

Main Cons

·       $10,000 minimum for the line of credit (too high for some businesses).

·       Too regionally focused.

·       Not a great solution for very small companies.

 

Similar Lenders to Middlesex Bank:

·       Crestmark Bank

·       Northwest Savings Bank

·       Chemical Bank

·       Riviera Finance

·       Bluevine

·       Seacoast Bank

·       Can Capital

·       OTR Capital

·       Mascoma Savings Bank

·       Apex Factoring

·       Union Savings Bank

1https://www.metrowestdailynews.com/news/20180124/middlesex-savings-bank-gives-12m-to-local-education-groups