Align Credit Union is launching a new fund to provide business loans to new or growing Haverhill-based small businesses that have not been able to secure conventional bank financing.

The Haverhill Partnership Venture Fund is a collaboration among Mill Cities Community Investments, Align Credit Union, Enterprise Bank, Haverhill Bank and Pentucket Bank. Each financial institution seeded the fund with $125,000 in capital bringing the fund total to $500,000. In addition to the funding, the lenders will support qualified small business owners with expert guidance to help position them for long-term success.

“Align is excited to be part of The Haverhill Partnership Venture Fund,” Ray Wrobel, vice president of commercial lending at Align Credit Union, said in a statement. “Align has a long history of supporting our community; and through this initiative, we also help fulfill dreams.”

“Most new small businesses don’t have the collateral or sales history that banks usually require for loans,” Align President Ken Del Rossi added. “This fund gives owners the support they need to grow their business, which in turn, helps to cultivate jobs and expand the local economy. It’s a win-win.”