Chelsea Groton Bank’s Quick Decision Suite of Products is a streamlined set of flexible financing solutions designed to help business owners move forward with confidence and speed. Choose from:
“The process was seamless. In less than 10 days, [Chelsea Groton] funded 100% of the loan and I bought the boat. Two days later, it was already making money – and I still had capital in my pocket.”
– Captain Jeff Dziedzic, JDZ Marine, after using the Quick Decision application portal when he needed fast financing to expand his boat-towing business
Check out the loan criteria and helpful hints below for a smooth process!
Loan Criteria
Required Documentation
Please upload all required financial documents and input all information into the application to ensure an efficient review process. If the information provided is incomplete, delays with your application may occur.
Questions as you go?
Helpful tips are built into the application and you may save your progress at any point. Just hover over any “?” icon for guidance, or contact Lauren Vincent or call or visit your preferred branch for assistance completing the application.
Chelsea Groton’s Quick Decision product suite includes a Working Capital Line of Credit up to $150,000, an Overdraft Line of Credit up to $25,000, and a Term Loan up to $150,000. The maximum Quick Decision loan relationship is $325,000.
Chelsea Groton Bank takes a UCC-1 on All Business Assets for each loan.
We work with small for-profit businesses in many industries. For any questions about your specific situation, please contact Lauren Vincent, Small Business Loan Officer, to discuss!
Interest rates are included within the loan application and are available for a borrower to view. The final interest rate will be determined at the time of decisioning and will be included in the loan offer.
Chelsea Groton charges a nominal documentation fee of $50.00 upon funding, in addition to third party fees of $25 for credit reporting, and $100 UCC-1 Filing fees. In addition, revolving line of credit products are subject to an annual renewal fee of $50.00.
Generally, the process takes as little as 2-5 business days, subject to review of a complete application.
Closings generally take place 2-7 days after approval. Here’s how it works:
Once an application is approved, a loan offer will be sent to the loan applicant. If the applicant agrees to the offer, the applicant will sign the Loan Documents. Once signed Loan Documents are received, the funds will be deposited into a borrower’s Chelsea Groton Bank business deposit account.
No. If you apply for funding from us, there is no obligation to accept the loan offer. The loan offer is valid for thirty (30) days, at which time it will expire.
Yes. As part of the application review process, Chelsea Groton Bank will obtain personal credit bureau information from independent credit bureau reporting agencies. Please download and complete this general authorization, print and sign it, and upload with your application package.
*Lines of credit are on-demand, subject to the terms and conditions of the loan documents.
**The term loan has a limit of 5-years. Borrowers can pre-pay at any time without any penalty.
