SFNet New Member Spotlight: Salem Five Business Credit

Salem Five Business Credit
210 Essex Street
Salem, MA 01970
https://www.salemfive.com/commercial/commercial-lending/business-credit-for-businesses-in-transition/

Salem Five Business Credit (SFBC) is the asset-based lending unit of Salem Five Bank's commercial banking division. Launched in 2025, SFBC provides revolving lines of credit, secured by receivables, inventory and other business assets, as well as term loans secured by machinery and equipment and owner-occupied commercial mortgages for companies with borrowing needs between $3MM and $25MM.

SFBC serves family-owned and shareholder-owned middle-market companies across the Northeast and has the ability to follow sponsors and key referral sources beyond that region. Its focus sectors are manufacturing, wholesale and distribution, service, and consumer products. Clients are often fast-growing lower-middle market companies managing seasonality, making acquisitions or working through a turnaround. Many such borrowers have been left underserved as larger banks exit asset-based lending or move up-market.

At SFBC, clients work with the same bankers from first conversation through closing and the life of the loan, with no handoffs. That brings direct access, fast local decisions and certainty of closing. Clients also get the full commercial and treasury management resources of Salem Five, a mutual bank founded in 1855 with more than $8 billion in assets.

SFNet Member Director, Keith Broyles

Keith Broyles is senior vice president, Salem Five Business Credit and head of Asset-Based Lending at Salem Five Bank. Keith has more than 36 years of asset-based lending experience and has over 20 years in leadership roles. Keith is a three-time founder of new ABL business units.

Michael Richardson is a seasoned finance professional with over 12 years of experience in Asset-Based Lending. Throughout his career, he has held key roles at TD Bank, First Niagara Commercial Finance, Key Bank, Eastern Bank and Cambridge Savings Bank, steadily progressing from a credit analyst to a relationship manager. Now, as part of Salem Five, he is excited to collaborate with Keith Broyles, SVP, Head of Asset-Based Lending, in launching the bank’s Business Credit capability —marking the third time they have worked together developing smart solutions for businesses in transition.

Michael holds an MBA with a concentration in Finance from Bentley University. A lifelong resident of Walpole, MA, he is the proud third-generation owner of his family home. Outside of work, he enjoys playing golf and following all things sports.