NEW CANAAN – Bankwell has rolled out a community-based loan program designed to provide Fairfield and New Haven small businesses fast and affordable access to capital.
The eSpire™ Growth Loan offers $15,000 loans to small businesses that qualify and attend a capital planning workshop, according to a bank press release.
A central component of the program is the on-demand Business Capital Planning Workshop, designed to teach entrepreneurs strategies in managing cash flow, planning for growth, and achieving long-term financial success. The workshop is available post-closing for eSpire™ Growth Loan borrowers to access online, allowing customers to engage at their convenience and receive a 2% discount following completion.
The growth loan has a fixed interest rate of 5.99% APR, which can be reduced to 3.99% APR with the workshop discount for those entrepreneurs completing the one-hour online workshop. The loan can be repaid in five years with monthly payments of less than $300.
The workshop provides insights from Small Business Administration lending specialists, empowering participants to make informed financial decisions about future funding needs.
To check geographic eligibility, entrepreneurs interested in applying can enter their primary business address at mybankwell.com/eSpire-growth-loans. The loans are subject to credit approval.
