Brockton, MA – July 28, 2021 – HarborOne Bank announced today it has partnered with Entrepreneurship for All (EforAll) South Coast for the Success for Small Business (SSB) Loan/Line of Credit program.
‘We are excited to have the opportunity to partner with EforAll South Coast to help small businesses receive loans or lines of credit,’ said Scott Sanborn, EVP and Chief Lending Officer of HarborOne Bank. ‘Small business owners make significant contributions to our communities, and it is important that we do what we can to support them.’
Through this program, graduates of EforAll South Coast’s small business accelerator training program are eligible to apply for HarborOne Bank’s $5,000 SSB loan program without having to complete the bank’s six-hour SSB education curriculum. After a year of responsible handling of the SSB business loan, the borrower can apply to increase the amount to $10,000.
Since its launch in 2016, EforAll South Coast has helped 128 local business get started through its free one-year Business Accelerator program that run twice per year. In 2020 alone, EforAll South Coast businesses generated over $6M in revenue and provided 308 local jobs.
EforAll South Coast focuses on helping under-represented individuals, who typically lack the information, tools and network needed to be successful, get their business started. Through 2020, 72 percent of all EforAll graduates were women, 70 percent were BIPOC and 39 percent were immigrants.
‘EforAll is thrilled to partner with HarborOne to help our Accelerator program graduates use their EforAll training to more easily apply for a SSB loan.’, said Donna Criscuolo, Executive Director for EforAll South Coast. ‘Access to financial capital is challenging for all small business owners but particularly difficult for the entrepreneurs that we focus on – women and BIPOC entrepreneurs. ‘