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A Framingham mutual bank adds a financing partner so its commercial customers can keep growing without having to leave the bank that knows them.
MutualOne Bank, a Massachusetts state-chartered mutual bank headquartered in Framingham, recently became a BDC Capital member bank, joining 37 financial institutions located throughout New England as the primary funding source for BDC's various financing programs.
When a company grows faster than its bank can follow
Ask a business owner in MetroWest how they picked their bank and the answer usually involves a person, not a rate sheet. Somebody who returned the call. Somebody who understood the seasonality of the business without needing it explained twice.
Then the company grows. The equipment order gets bigger. A competitor comes up for sale. The landlord decides to sell the building. And the request that arrives at the bank is larger or more layered than a community institution can carry by itself. At that point, the conventional path sends the owner to a larger lender and a credit committee two states away that has never walked the floor.
Membership in BDC Capital opens a different path. BDC participates in the portion of a financing that sits beyond a member bank's capacity, or structures the transaction directly, and the member bank stays in the lead on the relationship it built. The company gets the capital. The banker keeps the client. Nobody has to start over with strangers.
"BDC works in partnership with banks and investors to deliver customized financing solutions beyond the scope of conventional financing," said Paul F. Flynn, Jr., BDC Capital's President and CEO. "Bankers refer many of their customers to us to help extend their institution's lending capacity. MutualOne Bank is a great addition to our membership."
A mutual bank with commercial lending kept close to home
MutualOne operates as a mutual bank, which means it has no outside shareholders to answer to. Its obligations run to its depositors and to the communities where it does business. Commercial requests are handled at a dedicated Commercial Loan Center on Cochituate Road in Framingham, in the same market as the businesses bringing them in.
That structure explains why membership fits. A bank organized around long local relationships has every reason to want more ways to say yes, and no reason to hand a good customer to someone else.
"At MutualOne Bank, we understand small businesses are the bedrock of the communities within which we live and work. We have a long history of supporting business owners with the financing they need to fuel growth," said Dr. Kristin Carvalho, President and CEO of MutualOne Bank. "Partnering with BDC allows us to strengthen and expand our commitment to local businesses with the funding options they need."
What BDC brings to the table
Whether the need is $500,000 or $10 million, BDC Capital provides a wide range of financing solutions: asset-based lines of credit, term debt, cash flow loans, mezzanine investments and SBA 504 loans, all customized to suit the needs of a business.
For a growing MetroWest company, that can mean a line of credit that expands with receivables instead of resetting once a year, term financing for equipment that will outlast the loan, or an SBA 504 loan behind the purchase of a building the business has been renting for years. Same banker, wider set of tools.
About BDC Capital
The oldest business development corporation in the United States, BDC Capital has been recognized locally and nationally as a leader and innovator in business lending and capital investment. Many of New England's leading financial institutions invest in BDC to help promising companies expand. For over 70 years, we have invested more than $2 billion in thousands of companies in New England.
About MutualOne Bank
In addition to a robust digital presence through MutualOne.com, MutualOne Bank has three full-service offices at 828 Concord Street and One Lincoln Street in Framingham, and 49 Main Street in Natick. The Bank also has a dedicated Commercial Loan Center at 160 Cochituate Road in Framingham, and a Residential Loan Center at 49 Main Street in Natick.
Operating under an 1889 state charter, the Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and a member of the Depositors Insurance Fund (DIF). All deposits are insured in full.
Learn more about MutualOne Bank
Thinking about membership for your institution?
BDC membership is designed to extend what a bank can already do well. It takes a one page application and a recent financial statement, and there is no fee to join. To talk it through, contact:
Paul F. Flynn, Jr. pflynn@bdcnewengland.com | 781-928-1133
Carol C. Brennan cbrennan@bdcnewengland.com | 413-237-6648
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