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Groundbreaking financial education program connects HarborOne U participants with small business loans

As part of its commitment to financial education, HarborOne Bank has designed a small business program to educate local residents on the basics of financial management and then connect graduating participants with a line of credit.

Through the “Success for Small Business” at HarborOne U®, a dozen new and existing business owners have started free financial education classes this month and will be eligible for up to a $5,000 business line of credit upon completion. Over the course of 10-12 hours of instruction, attendees will learn the basics of planning for a healthy business, keeping accurate records, managing cash flow, and other important aspects of growing a successful small business.

“We’re proud of the commitment we have made to supporting economic growth throughout southeastern Massachusetts,” said HarborOne President and CEO James W. Blake. “Through our new ‘Success for Small Business’ program, we can work directly with enterprising local residents and help them create thriving small businesses that strengthen our region.”

To be eligible for this specific small business loan, participants in the Success for Small Business program are required to complete six “core” classes:

  1. Planning for a Healthy Business
  2. Financial Management for Small Business
  3. Record Keeping for Small Business
  4. Managing Cash Flow
  5. Tax Planning & Reporting for Small Business
  6. Banking Services & Credit Reporting for Small Business

These “core” classes, in addition to other business skill curriculum, are available ongoing throughout the year at HarborOne Bank’s two community education outreach classrooms located in Brockton and Mansfield. 

“With the new ‘Success for Small Business’ program, we have the opportunity to make a big economic impact in our cities and towns,” said Maureen Wilkinson, Vice President Community Education, Director of HarborOne U® and CRA Officer. “Our graduates will receive valuable instruction on management practices that can help them build great businesses.”

Loans are subject to credit approval, but flexible and innovative credit underwriting parameters will be considered in the process. After a year of responsible handling of the business line of credit, HarborOne would increase the credit line amount to $10,000.

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