Enterprise Bancorp, Inc. (EBTC): Business Model Canvas [Dec-2025 Updated]

You're looking at the final blueprint for Enterprise Bancorp, Inc. (EBTC) right before it joins Independent Bank Corp. in late 2025, and honestly, it's a masterclass in relationship banking. Before the integration, EBTC was running a tight ship, boasting $4.90 billion in Total Assets as of Q1 2025, driven by a core focus on small-to-mid-sized commercial clients. Their value proposition wasn't fancy tech; it was high-touch service backed by solid numbers, like generating $38.7 million in Net Interest Income that quarter. If you want to see exactly how this community-focused model-with $1.51 billion in Wealth Assets Under Management-was structured before the merger, dive into the nine building blocks below; it's a clear snapshot of what made them an attractive buy.

Enterprise Bancorp, Inc. (EBTC) - Canvas Business Model: Key Partnerships

You're looking at the final structure of Enterprise Bancorp, Inc. (EBTC) partnerships right before its full integration into Independent Bank Corp. (INDB). The key event defining this period is the merger completion, which fundamentally changes the partnership landscape moving forward.

Independent Bank Corp. (Acquirer) for merger completion

The partnership with Independent Bank Corp. culminated in a definitive agreement that closed on July 1, 2025. This was the ultimate key partnership, resulting in Enterprise Bancorp, Inc. merging with and into Independent Bank Corp., with Independent Bank Corp. as the surviving entity. Enterprise Bank and Trust Company merged into Rockland Trust Company, a subsidiary of Independent Bank Corp., with Rockland Trust continuing as the surviving entity.

The financial terms dictated the exchange ratio for this partnership:

Merger Consideration Component	Value per Enterprise Bancorp Share
Independent Bank Corp. Common Stock	0.60 shares
Cash Consideration	$2.00

The total consideration paid out to former Enterprise Bancorp Inc. shareholders included approximately 7.5 million shares of Independent common stock and an aggregate of approximately $25.8 million in cash, which covered payouts for vested stock options. Post-acquisition, Independent Bank Corp. had approximately 50,107,000 shares of common stock outstanding. To give you a sense of the scale of the entity whose partnerships we are analyzing just prior to this, Enterprise Bank reported total assets of $4.7 billion and total deposits of $4.2 billion as of September 30, 2024.

Correspondent banks for liquidity and specialized services

Enterprise Bank and Trust Company historically relied on correspondent banking relationships to manage liquidity and access specialized services beyond its direct capabilities. While specific 2025 figures or partner names aren't available, these relationships are standard for regional banks of its size.

• Liquidity management support.
• Access to specialized payment processing networks.
• Foreign exchange services for commercial clients.

Technology vendors for core banking and digital platforms

The digital platform relied on external technology vendors to support its operations, a common practice in the banking sector where core augmentation is key to meeting real-time customer needs. Although the specific vendors for Enterprise Bank/Rockland Trust post-merger are not detailed in the 2025 reports, the industry trend points toward partners offering modular, composable architectures. The core system supports essential functions like:

• Real-time transaction processing.
• Centralized customer data management.
• Multichannel banking accessibility.

Local community and non-profit organizations

Community engagement was a stated value, evidenced by Enterprise Bank's prior philanthropic activity. The bank supported community development through various channels, including direct financing for affordable housing projects and financial education outreach.

Here's a look at historical partnership scale, which informs the nature of these relationships:

Partnership Metric	Value/Count	Reference Year
Community-based sponsorships and grants	451 organizations supported	2021
Associate Volunteer Time Off	Up to eight hours annually
Enterprise University Programs	Offered at no cost

The commitment included supporting human services, education & job training, community & economic development, and community arts.

RSM US LLP as independent accounting firm for 2025

The governance structure included a formal relationship with an external auditor. Enterprise Bancorp shareholders ratified the appointment of RSM US LLP to serve as the company's independent accounting firm for the fiscal year ending December 31, 2025. This appointment was confirmed prior to the final merger closing in July 2025.

Enterprise Bancorp, Inc. (EBTC) - Canvas Business Model: Key Activities

Commercial, residential, and consumer loan origination focuses on growing the asset base through disciplined underwriting.

As of March 31, 2025, total assets grew to $4.9 billion, with the loan portfolio increasing by 2% during the first quarter of 2025. The commercial real estate segment was the primary driver of this growth.

Loan Portfolio Metric	Amount / Percentage	As of Date
Total Assets	$4.9 billion	March 31, 2025
Total Loans	$4.05 billion	March 31, 2025
Commercial Real Estate Share of Total Loans	58%	March 31, 2025
Loan Portfolio Growth (QoQ)	2%	Q1 2025
Commercial Real Estate Loan Increase (QoQ)	$70.2 million	Q1 2025
Non-Performing Loans to Total Loans	0.70%	March 31, 2025

Deposit gathering and cash management services secure the necessary funding base for lending and investment activities.

The funding mix as of the first quarter of 2025 showed a reliance on wholesale funding sources alongside core deposits.

• Total Deposits: $4.15 billion (March 31, 2025)
• Total Deposits: $4.3 billion (March 31, 2025)
• Wholesale funding (brokered deposits and borrowed funds) as a percentage of total liabilities: 8% (March 31, 2025)
• Total Borrowings: $59.9 million, or 1.3% of total assets (September 30, 2024)

Wealth advisory and trust services delivery contributes non-interest income through fee generation.

Wealth management fees showed a strong increase in the first quarter of 2025, reflecting growth in the assets managed.

Wealth Service Metric	Amount / Percentage	As of Date
Wealth Assets Under Management and Administration	$1.51 billion	March 31, 2025
Wealth Management Fee Increase (YoY)	13%	Q1 2025
Decrease in Wealth Assets QoQ	$24.7 million	Q1 2025 (from Dec 31, 2024)

Maintaining regulatory compliance and risk management is a continuous operational necessity, especially during periods of transition.

Operational efficiency and credit quality metrics provide a snapshot of risk control effectiveness.

• Efficiency Ratio: 54.5% (March 31, 2025)
• Net Interest Margin: 3.85% (March 31, 2025)
• Sale of Non-Performing Loans (NPLs) net book value: $956 thousand (Q1 2025)
• Net Recoveries from NPL Sale: $461 thousand (Q1 2025)

Core system conversion planning is a critical, near-term activity driven by the pending acquisition.

The integration plan is centered around the expected closing of the merger with Independent Bank Corp. (Rockland Trust).

• Anticipated Merger Closing Date: July 1, 2025
• Employee incentive plan payout guarantee contingent on merger completion by end of 2025

Enterprise Bancorp, Inc. (EBTC) - Canvas Business Model: Key Resources

You're looking at the core assets that power Enterprise Bancorp, Inc.'s operations as of the first quarter of 2025. These aren't just numbers; they are the foundation of their lending and wealth management capabilities.

The balance sheet strength is clear when you look at the scale of operations. For instance, the total assets held by Enterprise Bancorp, Inc. were approximately $4.90 billion as of Q1 2025. This scale supports their primary business of attracting deposits and investing in loans.

Financial Metric	Amount (Q1 2025)	Change from Prior Quarter
Total Assets	$4.90 billion	Up 2%
Total Customer Deposits	$4.15 billion	Down 0.9%
Wealth Assets Under Management	$1.51 billion	Down 1.6%

The deposit base, which is the lifeblood for a community bank, stood at approximately $4.15 billion at the end of March 2025. The wealth management arm, which provides fee-based revenue, managed assets totaling $1.51 billion for the same period. It's important to note that the total loans on the books grew to $4.05 billion in Q1 2025, up 1.7% for the quarter.

Beyond the balance sheet figures, the human capital and historical performance are critical resources. The firm relies on its experienced commercial lending and wealth management teams to drive loan growth, which saw an 11% increase over the last twelve months ending Q1 2025. This operational consistency is backed by a history of resilience.

• History of 142 consecutive profitable quarters.
• Total Shareholders' Equity reached $385.4 million in Q1 2025.
• Return on Average Equity (ROAE) for Q1 2025 was 11.45%.
• Net Interest Margin (NIM) was 3.32% for the first quarter of 2025.

The strong capital base, evidenced by the equity growth and solid ROAE, allows Enterprise Bancorp, Inc. to absorb operational shocks and pursue strategic moves, like the pending merger with Rockland Trust Company, which shareholders approved on April 3, 2025. That's a defintely key intangible asset.

Finance: draft 13-week cash view by Friday.

Enterprise Bancorp, Inc. (EBTC) - Canvas Business Model: Value Propositions

You're looking at what Enterprise Bancorp, Inc. (EBTC) offers its clients-the core reasons they choose them over other options, especially as they integrate with Rockland Trust following the July 1, 2025, legal closing. This value is built on a foundation of deep local ties and a full product shelf.

Community-focused, high-touch commercial banking relationships

The value proposition centers on delivering banking services with a personal touch, which is a hallmark of a community bank. This is supported by a long history of stability and commitment to the region.

• Main office located in Lowell, Massachusetts.
• Reported 142 consecutive profitable quarters, demonstrating financial resilience.
• The CEO noted confidence in the cultural alignment with Rockland Trust following the merger.

Comprehensive suite of commercial, retail, and mortgage loan products

Enterprise Bancorp, Inc. offers a wide range of lending options, with a significant focus on commercial lending, which has been a primary driver of recent growth.

Here's a look at the lending scale as of the first quarter of 2025:

Metric	Amount as of March 31, 2025
Total Loans	$4.05 billion
Loan Growth (Q1 2025 vs. Q4 2024)	1.7%
Loan Growth (Last Twelve Months)	11%
Commercial Real Estate Loan Concentration	58% of total loan book

The bank's ability to grow its loan portfolio by 11% over the preceding twelve months shows they are actively meeting commercial demand. Also, Net Interest Income for Q1 2025 was $38.7 million, a 10% increase year-over-year.

Integrated wealth management and trust services for affluent clients

For clients needing more than traditional banking, Enterprise Bancorp, Inc. provides integrated wealth management and trust services. This segment contributes meaningfully to non-interest income.

The scale of this service offering is reflected in the assets managed:

• Wealth assets under management and administration (AUM&A) stood at $1.51 billion at March 31, 2025.
• Wealth management fees saw an increase of 13% in the first quarter of 2025, reflecting growth in assets under management and administration.

Financial resilience and consistent growth record

The bank's value proposition includes a proven track record of performance, even through economic stress. This history suggests prudent management and a durable business model.

Key indicators of this resilience and performance include:

• Reported profitability for 142 consecutive quarters.
• Earnings per share (EPS) grew at an average annual rate of 8.0% over 6 of the last 9 years (as of mid-2025 analysis).
• Q1 2025 Net Income was $10.4 million, an increase from $8.5 million in Q1 2024.
• Tax-equivalent Net Interest Margin (NIM) for Q1 2025 was 3.32%.

Local decision-making and personalized service model

This point speaks directly to the high-touch nature of their commercial relationships. While specific internal metrics aren't public, the structure implies that decisions are made closer to the customer, which is a key differentiator from larger, more centralized institutions.

The bank offers a range of services including:

• Commercial, residential, and consumer loan products.
• Deposit products and cash management services.
• Electronic and digital banking options.

The core of this value is the promise of faster, more relationship-driven responses for commercial clients, which is what keeps their loan growth solid at 1.7% for the quarter ending March 31, 2025.

Enterprise Bancorp, Inc. (EBTC) - Canvas Business Model: Customer Relationships

You're looking at the relationship structure for Enterprise Bancorp, Inc. right before the July 1, 2025, acquisition closed. This model was built on deep, localized knowledge, which is why they maintained a significant presence even with the merger on the horizon. The core idea here is that high-value clients get a person, not just a portal.

Dedicated relationship managers for commercial and wealth clients

For your commercial clients and those utilizing wealth advisory services, the model mandates a single point of contact. This structure is designed to support the loan book, which stood at $4.05 billion as of the first quarter of 2025. The focus on commercial relationships is clear: commercial real estate loans made up 58% of the total loan book at that time. For the wealth side, the advisory team supported assets under management totaling $1.51 billion in Q1 2025. This level of dedicated service requires significant human capital; Enterprise Bancorp, Inc. had 576 employees supporting this structure.

High-touch, advisory-based service model

The service isn't just about processing transactions; it's about advising. This means the relationship managers are expected to be deeply integrated into the client's financial planning, whether it's structuring a complex commercial credit facility or managing trust services for a family group. This advisory layer is what justifies the premium service expectation from commercial and high-net-worth retail segments. It's a classic relationship banking play, prioritizing depth over sheer transactional volume for these key segments.

Here's a quick look at the scale of the customer assets these relationships managed as of March 31, 2025:

Metric	Amount (as of Q1 2025)
Total Loans	$4.05 billion
Total Customer Deposits	$4.15 billion
Wealth Assets Under Management	$1.51 billion
Commercial Real Estate Loan Concentration	58% of Total Loans

Community-oriented, long-term customer engagement

Enterprise Bancorp, Inc. emphasized its community focus, which translates directly into long-term relationship building rather than quick sales. They actively engaged the business community through resources like the Enterprise.ing Podcast and the no-cost Enterprise University skill development program for business leaders and their teams. This effort aims to build goodwill and trust, which are the bedrock of long-term banking relationships. They were actively communicating with an audience of over 10,000+ business leaders interested in their insights as of late 2025.

The commitment to the local footprint was also evident in their physical presence and growth strategy, including the acquisition of 12 branches from First Interstate Bank, which closed on October 10, 2025, expanding their reach in Kansas City and Arizona.

Automated self-service for routine retail transactions

To free up those high-touch relationship managers, the retail side relied on automation for everyday banking. This meant customers could handle routine tasks without needing to speak to an associate. The self-service options included:

• Online and mobile banking services.
• Access to checking and limited-transactional savings accounts.
• Management of term certificates of deposit.

This digital layer is defintely necessary to scale the retail base while keeping the high-value commercial and wealth segments staffed with dedicated experts.

Finance: draft 13-week cash view by Friday.

Enterprise Bancorp, Inc. (EBTC) - Canvas Business Model: Channels

You're looking at how Enterprise Bancorp, Inc. (EBTC), through Enterprise Bank, reached its customers as of late 2025, right after the expected merger completion with Independent Bank Corp. The physical footprint remains a core delivery method, though digital adoption is clearly a major focus.

Retail branch network in Eastern Massachusetts and Worcester County

The physical presence is anchored by the Enterprise Bank network, which, prior to the July 1, 2025, merger, operated 27 full-service branches across Massachusetts and New Hampshire. Rockland Trust, the surviving entity post-merger, planned to keep all these Enterprise Bank branches open, extending its footprint north. Enterprise Bank's primary service area before the merger focused on the Northern Middlesex, Northern Essex, and Northern Worcester counties of Massachusetts, alongside Southern Hillsborough and Southern Rockingham counties in New Hampshire. This network supports the delivery of commercial, residential, and consumer loan products, plus retail deposit services like checking and term certificates of deposit.

The channel strategy relies on these locations for high-touch service, even as the industry sees consolidation; bankers expect a reduction in physical bank branches by over 25% by 2030.

Commercial loan officers and relationship teams

Commercial lending and relationship management are driven by dedicated teams, though a specific headcount isn't public. These teams manage the deployment of capital, which, as of the first quarter of 2025, resulted in total loans reaching $4.05 billion. This loan portfolio includes commercial real estate, commercial and industrial, and commercial construction loans. The growth in net interest income, which rose 10% year-over-year in Q1 2025, is directly tied to the effectiveness of these relationship teams in driving loan growth, which was 1.7% for that quarter and 11% over the last twelve months.

Online and mobile banking platforms for digital access

Digital channels provide essential access for routine transactions and account management. Enterprise Bank offers a full suite of online and mobile banking services, alongside cash management services. The total customer deposits managed through these channels and branches stood at $4.15 billion as of Q1 2025. Improving the digital experience was a top strategic priority for financial institutions in 2025, with 52% of respondents citing it as such.

Here's a look at the scale of the business supporting these channels as of early 2025, before the full integration:

Metric	Value (Q1 2025 or Latest Available)	Channel Relevance
Total Loans	$4.05 billion	Commercial & Retail Lending Origination/Servicing
Total Customer Deposits	$4.15 billion	Retail & Commercial Deposit Gathering
Net Interest Margin	3.32%	Profitability of Loan/Deposit Channels
Total Assets	$4.90 billion	Overall Balance Sheet Capacity

Wealth advisory and trust services offices

Wealth advisory and trust services are delivered through dedicated offices, including the subsidiary Enterprise Wealth Services LLC. These services encompass Wealth Planning, Investment Management, and Trust and Estate Services, often using a 'high-touch' approach. As of Q1 2025, wealth assets under management were reported at $1.51 billion, having declined by 1.6% that quarter. Post-merger, the combined entity anticipates wealth assets under administration to reach approximately $8.7 billion, indicating a significant expansion of this channel's scale.

The delivery model for wealth services emphasizes independence, as the team sells no proprietary investment products.

• Wealth Planning addresses lifetime financial goals and retirement horizon.
• Investment Management includes a risk tolerance assessment and portfolio management.
• Trust and Estate Services are offered to individuals, businesses, trusts, and foundations.
• The team combines a high-touch approach with a reputation for industry-leading client satisfaction.

Finance: draft pro-forma channel expense allocation for Q3 2025 by end of month.

Enterprise Bancorp, Inc. (EBTC) - Canvas Business Model: Customer Segments

Enterprise Bancorp, Inc. served a defined set of customer groups through Enterprise Bank and Trust Company, focusing its lending and deposit gathering efforts regionally.

Small-to-mid-sized commercial businesses (core focus)

This segment drove the core lending activity. As of the first quarter of 2025, total loans stood at $4.05 billion. The commercial real estate segment alone comprised 58% of the total loan book as of March 31, 2025. The bank also provided commercial and industrial and commercial construction loans to this base.

Affluent individuals, family groups, and trusts

Enterprise Bancorp provided wealth advisory and management services to this group. Wealth assets under management were reported at $1.51 billion in the first quarter of 2025. These services included customized investment management and trust services.

Local retail customers and consumers

This group provided the foundational deposit base. Total customer deposits were $4.15 billion in Q1 2025. Enterprise Bank maintained 27 full-service branches across Northern Middlesex, Northern Essex, and Northern Worcester counties in Massachusetts, and Southern Hillsborough and Southern Rockingham counties in New Hampshire to serve these local customers. The bank offered commercial and retail deposit products, including checking accounts and term certificates of deposit.

Non-profit organizations and endowments

These entities were explicitly targeted for wealth advisory and trust services. They were served alongside individuals and family groups, utilizing the same specialized investment management offerings.

The following table summarizes key financial metrics from the Q1 2025 reporting period, which inform the scale of these customer-driven activities:

Financial Metric	Amount (USD)	Context
Total Loans	$4.05 billion	Total loan portfolio as of March 31, 2025.
Total Customer Deposits	$4.15 billion	Total customer deposits as of March 31, 2025.
Wealth Assets Under Management	$1.51 billion	Assets managed for individuals, trusts, and organizations.
Commercial Real Estate Loans	58%	Percentage of total loan book as of March 31, 2025.
Full-Service Branches	27	Physical locations serving local customers.
Net Interest Income (Q1 2025)	$38.7 million	Net interest income for the first quarter of 2025.

The customer base was served through a diversified product portfolio:

• Commercial, residential, and consumer loans.
• Commercial and retail deposit products.
• Cash management services.
• Brokerage and insurance services.

The company reported 142 consecutive profitable quarters leading up to the July 1, 2025, merger with Independent Bank Corp.

Enterprise Bancorp, Inc. (EBTC) - Canvas Business Model: Cost Structure

You're looking at the core costs Enterprise Bancorp, Inc. (EBTC) faces to run its banking operations, especially as it navigates the announced merger with Rockland Trust Company. These costs are primarily split between interest paid to secure funding and the non-interest expenses required for daily operations and strategic initiatives.

Interest Expense paid on customer deposits and borrowings represents the cost of funds. For the three months ended March 31, 2025, the total interest expense contributing to the Net Interest Income calculation saw increases. Specifically, deposit interest expense increased by $1.0 million year-over-year, and borrowings interest expense also increased by $1.0 million year-over-year for that quarter. This reflects the competitive environment for funding sources.

The overall non-interest expense for the first quarter of 2025 was $29.9 million, which was a 4% increase compared to the first quarter of 2024. This increase was driven by several key areas you asked about.

Personnel costs, including salaries and benefits are a significant component of the non-interest expense base. For Q1 2025, salaries and employee benefits expense was a primary driver of the overall increase, rising by $760 thousand compared to the prior year's first quarter. This suggests ongoing investment in staffing or merit increases, even as the company prepares for integration.

Merger-related costs and integration expenses are now a visible cost factor. In Q1 2025, these expenses contributed $290 thousand to the year-over-year increase in non-interest expenses, directly tied to the planned merger with Rockland Trust Company, which shareholders approved on April 3, 2025.

For Operating expenses for the branch network and technology infrastructure, the most granular, non-personnel, non-merger data point available from recent reports relates to the 2024 full year, where Total Non-Interest Expense was $385.0 million. A component of this, Net Occupancy & Equipment Expense, was reported at $20 million for the full year 2024, which gives you a baseline for the physical and tech footprint costs. You should expect these costs to be managed carefully post-merger to realize anticipated synergies.

Here is a summary of the key cost drivers identified in the Q1 2025 reporting period:

Cost Category Component	Period	Amount (USD)	Context/Change
Total Non-Interest Expense	Q1 2025	$29.9 million	Reported quarterly total
Increase in Salaries and Employee Benefits Expense	Q1 2025 vs Q1 2024	$760 thousand	Driver of Non-Interest Expense increase
Merger-Related Expenses	Q1 2025 vs Q1 2024	$290 thousand	Driver of Non-Interest Expense increase
Increase in Deposit Interest Expense	Q1 2025 vs Q1 2024	$1.0 million	Component of Interest Expense
Increase in Borrowings Interest Expense	Q1 2025 vs Q1 2024	$1.0 million	Component of Interest Expense

The cost structure also involves other elements that make up the total non-interest expense base. You can see how these major cost drivers fit into the overall expense profile:

• Total Non-Interest Expense for Q1 2025 was $29.9 million.
• Salaries and benefits expense was a primary driver of the 4% YoY increase in non-interest expense.
• Merger costs accounted for $0.29 million of the Q1 2025 year-over-year expense increase.
• Total customer deposits were $4.15 billion as of March 31, 2025, which directly influences deposit interest expense.
• Total loans stood at $4.05 billion as of March 31, 2025, impacting the need for borrowings.

The cost of funding is sensitive to market rates; for instance, the total cost of deposits was 2.12% in the full year 2024, up from 1.58% in 2023.

Finance: draft Q2 2025 expense forecast by next Tuesday.

Enterprise Bancorp, Inc. (EBTC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Enterprise Bancorp, Inc. (EBTC) brings in money as of late 2025. The bank's revenue engine is clearly still powered by traditional lending activities, though fee income is an important secondary driver, especially with the focus on wealth management.

The primary revenue driver is Net Interest Income from loans and investments, which for the first quarter of 2025 was reported at $38.7 million. This figure represents a solid 10% increase year-over-year for Q1 2025, supported by strong loan growth and an improved net interest margin of 3.32%.

The growth in Net Interest Income is directly tied to the lending side of the business. The total loan portfolio grew by 1.7% during the quarter, ending Q1 2025 at $4.05 billion. The interest earned on these loans is a key component, with loan interest income specifically showing a $6.6 million increase in Q1 2025. The loan book concentration shows a clear emphasis on commercial lending.

Here's a quick look at the main revenue components for Q1 2025:

Revenue Stream Component	Q1 2025 Amount/Metric
Net Interest Income	$38.7 million
Total Revenue	$43.88 million
Non-Interest Income (Total)	$5.2 million
Total Loans Outstanding	$4.05 billion
Wealth Assets Under Management (AUM)	$1.51 billion

Beyond the core lending spread, Enterprise Bancorp, Inc. generates revenue through non-interest sources. Total non-interest income for Q1 2025 was $5.2 million, which was a 6% decrease year-over-year, largely due to lower gains on equity securities. However, specific fee-based services show positive momentum.

You see revenue generation from these fee-based services:

• Non-interest income from wealth management and trust fees, which increased by 13% in Q1 2025.
• Service charges and fees on deposit accounts, which are a stated focus area for the bank's strategic plan.

The loan interest income stream is further detailed by the types of loans Enterprise Bank originates. The bank's lending focus includes:

• Commercial Real Estate (CRE) loans, which comprised 58% of the total loan book as of Q1 2025.
• Commercial & Industrial (C&I) loans, supported by an expanded C&I team.
• Construction loans, with residential construction and land acquisition and development portfolios at $10.8 million and $4.6 million, respectively, as of March 31, 2025.

The bank also offers various other loan products, including residential and consumer loans, and SBA-guaranteed loan products like SBA 7(a), SBA 504, and SBA Express.