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The Coffee-Break Loan: Eastern Bank Offers Loans in Five Minutes

Skip the coffee; get a bank loan today instead. Eastern Bank was featured in the Wall Street Journal for their speed in processing loan requests from small businesses.

“In the race to shrink application times for small-business loans, Eastern Bank has a new entry: less than five minutes.

The Boston-based mutual savings bank used to take three or four weeks to process loan requests as employees gathered information, ticked off long checklists and filled out dozens of data fields from paper forms.

It now doles out loans of up to $100,000 in a fraction of that time. The speed is possible because the 198-year-old institution has spent millions of dollars in recent years to automate the process and does more of the work in advance.”

Read the full Wall Street Journal article and visit Eastern Bank at 123 Haven Street in Reading, MA.

 

Reading-North Reading Chamber of Commerce