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North Shore Bank offers below-market loans
to help Peabody businesses hit by flood
PEABODY, MASSACHUSETTS, May 15, 2006 … Francis J. McCormack, president and CEO of North Shore Bank, announced today that the Bank will allot $3 million from its George Peabody Community Loan Fund to assist Peabody businesses affected by the recent flood. Businesses, particularly those located along the hardest-hit areas of Foster and Walnut Street, will be offered low-cost, fixed-rate loans for working capital and/or equipment purchase or replacement.
The Bank’s Peabody Flood Program will provide loans of up to $100,000 at a fixed annual percentage rate of just 4%, with additional rates and terms available for higher amounts. Applications for the program must be received by June 30, 2006.
Loans under this program will also qualify for special underwriting considerations, according to McCormack. He also stated that the Bank promises expedited application and processing, in order to help local businesses return to full operation as soon as possible. Loan funding will be available within 48 hours of receipt of documents.
Through its George Peabody Loan Fund, established in 1996, North Shore Bank has granted nearly $20 million in low-interest loans to help address the housing needs of residents and the commercial needs of small-business owners in the Bank’s primary market areas.
The Peabody Flood Program funds allocation and term may be extended, according to demand, McCormack said.
North Shore Bank, a full-service community bank based in Peabody, was established in 1888 under State charter. The Bank has nine branches in North Shore communities including Beverly, Danvers, Liberty Tree Mall, Lynn, Middleton, Peabody, Salem and West Peabody. The Bank is a member of the FDIC and a member of the SIF.
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If you have any questions about our products and services, please use our Information Request Form, or call (978) 538-7000 to speak with one of our Customer Service Representatives. We will be happy to answer your questions and assist you in selecting the products and services that best meet your financial needs.
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