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The Savings Bank recently announced the expansion of its banking services through TSB Business Direct, a digital lending platform for small local businesses. 

In a press release, Wakefield-based TSB described the new platform as providing a “fast and efficient” online process for small businesses to apply for a range of business loan products. Business owners in Middlesex and Essex counties can now use this platform to apply for financing. The platform uses technology from Boston-based fintech Numerated. 

The bank’s initiative to diversify its lending follows a trend among small community banks in targeting different client populations and building additional business relationships.  

“We believe that offering a fully digital business and commercial borrowing experience is on par with, if not better than, the big banks,” TSB President and CEO Bob DiBella said in a statement. 

Financing options through TSB Business Direct include a fixed–term loan and a flexible line of credit, both of which have an origination fee and will require automated loan payments from a TSB business checking account. 

The term loan allows for access to a fixed–rate loan between $10,000 and $100,000 for a five-year term. The TSB line of credit provides access to a line of credit between $10,000 and $100,000.  

Small business owners can apply by filling out an online application form, providing required documentation, and selecting a loan or line of credit. They will then receive a conditional decision and can sign loan closing documents online before receiving funds in their TSB business checking account.