If you are an existing MVSB business customer, click here
If you are not an existing MVSB business customer, click here
If you are an existing MVSB business loan customer, click here
If you are not an existing MVSB business loan customer, click here
If you are an existing MVSB business loan customer, please contact your business lender at your earliest convenience.
Due to the high volume activity, we are able only to accept refinance applications from our existing business loan customers. It is important to us that we provide the highest level of service to you and we hope to be able to provide non-customer refinances in the near future.
Margaret Pritchard, Executive Director of Genesis Behavioral Health and Gracie Cilley, Vice President and Commercial Loan Officer
Every business needs a ready supply of capital to succeed. Whether you need money to fund a start-up, expand an existing business, upgrade equipment or property, increase inventory, or simply continue operations during seasonal slowdowns, Meredith Village Savings Bank has options that work for you.
Our Business Team will work closely with you to find solutions to suit your venture. We understand business. We also understand the challenges and rewards of doing business in New Hampshire.
Call us, and we’ll come to you to discuss the options that best suit your needs including:
When you choose to partner with Meredith Village Savings Bank, you get our undivided attention. Together, we can decide what lending program might work best for you.
Looking to expand your business? Need cash for a new company vehicle? High-speed, high-performance computers for the office? At MVSB, we understand that regardless of what you need financing for, you probably need it sooner, rather than later.
With an ezbusiness Loan from MVSB, your business will have access to the funds it needs in no time! Enjoy a simplified application process, along with these other benefits:
Through our partnership with FirstBankcard, a division of First National Bank of Omaha, we offer a variety of business credit cards to meet your needs. Separate your business and personal expenses while you enjoy:
Learn more or apply now to enjoy this wide range of benefits.
If you’re thinking about starting a business, let’s discuss your plan and funding needs. First, however, you should get some items ready. Visit the links below before we begin exploring business loans for guidelines on how to write a clear and concise business plan.
Commercial Loan Meeting Checklist
How to Write a Business Plan
Effective May 11, 2018, new rules under the Bank Secrecy Act require financial institutions to collect identifying information for the following individuals EACH time an account is opened for certain business customers:
If you are opening an account on behalf of a business, you may be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge. Click here for more information or for a copy of our Beneficial Owner Certification Form.
As part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Small Business Administration has launched the Paycheck Protection Program. The program provides small businesses with no-fee funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent and utilities, and are fully forgiven when at least 75% of the amount is used for payroll. Loan payments are deferred for six months and no collateral or personal guarantees are required. We strongly encourage you to visit the US Treasury’s CARES website for the latest information as updates are happening on a daily basis.
Important Instructions
Please note that submitting an incomplete application will delay processing significantly. Please be sure to complete all lines in the application, including adding signatures and/or initials to the designated spots. Be sure to include all necessary supplemental documentation as well. These include
The complete description of SBA and Treasury guidance can be found at the following site: https://home.treasury.gov/system/files/136/How-to-Calculate-Loan-Amounts.pdf
The guidance addresses calculations and documentation requirements for each of these scenarios:
The bank cannot begin processing your application until it is complete. The application will not be considered complete until the signed SBA Form 2483 is submitted along with the necessary supporting documentation listed above. It is important that you provide all of the application materials to the bank promptly so that processing does not get delayed.
What amounts shall be eligible for forgiveness?
The amount of loan forgiveness can be up to the full principal amount of the loan plus accrued interest. The actual amount of loan forgiveness will depend, in part, on the total amount spent over the covered period on:
The Administrator, in consultation with the Secretary, has determined that it is appropriate to limit the forgiveness of owner compensation replacement for individuals with self-employment income who file a Schedule C to eight weeks’ worth (8/52) of 2019 net profit. This is most consistent with the structure of the Act and its overarching focus on keeping workers paid, and will prevent windfalls that Congress did not intend.
Congress determined that the maximum loan amount is based on 2.5 months of the borrower’s payroll during the one-year period preceding the loan. Congress also determined that the maximum amount of loan forgiveness is based on the borrower’s eligible payments—i.e., the sum of payroll costs and certain overhead expenses— over the eight-week period following the date of loan disbursement. For individuals with self-employment income who file a Schedule C, the Administrator, in consultation with the Secretary, has determined that it is appropriate to limit loan forgiveness to a proportionate eight-week share of 2019 net profit, as reflected in the individual’s 2019 Form 1040 Schedule C. This is because many self-employed individuals have few of the overhead expenses that qualify for forgiveness under the Act. For example, many such individuals operate out of either their homes, vehicles, or sheds and thus do not incur qualifying mortgage interest, rent, or utility payments. As a result, most of their receipts will constitute net income. Allowing such a self- employed individual to treat the full amount of a PPP loan as net income would result in a windfall. The entire amount of the PPP loan (a maximum of 2.5 times monthly payroll costs) would be forgiven even though Congress designed this program to limit forgiveness to certain eligible expenses incurred in an eight-week covered period.
Limiting forgiveness to eight weeks of net profit from the owner’s 2019 Form 1040 Schedule C is consistent with the structure of the Act, which provides for loan forgiveness based on eight weeks of expenditures. This limitation will also help to ensure that the finite appropriations are directed toward payroll protection, consistent with the Act’s central objective. Finally, 75 percent of the amount forgiven must be attributable to payroll costs for the reasons specified in the First PPP Interim Final Rule.
What documentation will I be required to submit to my lender with my request for loan forgiveness?
In addition to the borrower certification required by Section 1106(e)(3) of the Act, to substantiate your request for loan forgiveness, if you have employees, you should submit:
Whether or not you have employees, you must submit:
The 2019 Form 1040 Schedule C that was provided at the time of the PPP loan application must be used to determine the amount of net profit allocated to the owner for the eight-week covered period. The Administrator, in consultation with the Secretary, determined that for purposes of loan forgiveness it is appropriate to require self-employed individuals to rely on the 2019 Form 1040 Schedule C to determine the amount of net profit allocated to the owner during the covered period.
To apply, review the information sheet and complete this application.
To learn more of the details about the application requirements and the program, visit the US Treasury CARES website.
Due to the high volume activity, we are able only to accept Payment Protection Program applications from our existing business customers. It is important to us that we provide the highest level of service to you and we hope to be able to provide non-customer PPP applications in the near future.
