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With a long history of small business success, Massachusetts should be your company’s new home. A business loan can help make this happen.
Home to several major universities and research institutions like Harvard and MIT, Massachusetts has a tremendous pool of talent for small businesses to hire from. Also, people in the Bay State love and support small businesses. The right business loan can be instrumental in helping your company to grow to reach this talent and demand.
Small Business Administration (SBA) loans are serviced by private financiers, but are in part backed by the SBA. With this financing option, interest rates might be favorable, but the application process can stretch on for some time.
If you want to buy what your business needs, but don’t need a massive amount of funding sitting in your bank account, a line of credit might be the wisest choice. You agree to a credit limit but only repay what balance you actually use.
Term loans might be what come to mind when you think of generic “small business loans. “In a term loan agreement, a financier provides your business with a lump sum loan upfront, which you then repay with interest over time
You can obtain needed business equipment with equipment financing and begin putting it to work right away. As you use the machinery, you repay the financier for the cost of the equipment over time.
Your unpaid invoices become valuable collateral in an accounts receivable financing arrangement—financiers will approve a loan based on the amount your clients owe you.
Several local organizations provide small business funding resources in Massachusetts.
There are many lending programs in Massachusetts for small businesses working in the technology, research, or environmental conservation sectors. The state government keeps an updated list of these loans on its website.
Leader Bank is a Massachusetts bank offering commercial mortgages, business loans and business lines of credit.
Rockland Trust Bank is another great local option for commercial loans including SBA loans and commercial leasing.
For companies having a hard time getting loan approval, CommonCapital is a Massachusetts non-profit aimed at connecting local businesses with microloans and community loans.
Based in Boston, Eastern Bank offers multiple loan products to small businesses in Massachusetts, including SBA 7(a) and SBA 504 loans.
BankFive is a preferred SBA lender for businesses in Massachusetts, offering SBA Express, SBA 504, and SBA 7(a) loans.
Massachusetts Growth Capital Corporation (MGCC) focuses on businesses in underserved areas, Gateway Cities, and low to moderate income communities, offering several loan products to small businesses in the state.
Cambridge Savings Bank is one of the top 10 Small Business Administration lenders in Massachusetts, offering loan products like lines of credit, term loans, and SBA loans to small businesses in the state.
SunWise Capital offers several loan products to small businesses across Massachusetts, including lines of credit, revolving lines of credit, SBA loans, and more.
Needham Bank provides several loan options to small businesses in Massachusetts, including term loans, lines of credit, and SBA loans.
UniBank offers multiple loan products to small businesses in the state, including lines of credit, term loans, SBA loans, and more.
The Boston Local Development Corporation (BLDC) provides loans to small businesses in Boston with a focus on commercial, industrial, and service companies.
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The state Executive Office of Housing and Economic Development maintains a list of potential grant opportunities and low-interest loan programs for Massachusetts businesses. The Massachusetts Growth Capital Corporation (MGCC) focuses on providing free resources to small businesses, including emergency loans and a library of reference materials for companies in a host of industries. Small Business Strong, launched in the wake of the COVID-19 pandemic, provides many programs for entrepreneurs, especially those from underserved backgrounds.
If your business operates in an innovative or high tech sector, there are grants that might be applicable to you in Massachusetts and the state keeps a list of these. In addition, the government and several non-profits offer grants to small businesses in a wide range of fields. Look into MGCC’s many granting programs and also research Massachusetts’s State Trade Expansion Program (STEP).
Upon determining your corporate structure (like sole proprietorship or corporation), you will probably have to register your company with the Secretary of State to qualify for a loan in Massachusetts. Not every Massachusetts business needs licenses or permits, but you should check to see if your company does. Once you can operate in the Bay State, explore your funding options. Lendio’s free online platform makes it fast and easy to find, compare, and apply for loans that fit your needs.
Depending on the financing type, your business loan approval odds will be largely impacted by how long your company has existed, your annual revenues, your business plans, and your personal credit history.
In creating your business plan and loan application packet, think about what types of loans will help you take advantage of Massachusetts’s deep talent pool and the population’s penchant for small businesses. Some financing types, like term loans and SBA loans, have favorable repayment terms but take longer to get approval and have more intense application procedures. Other loan types, like lines of credit and accounts receivable financing, may have slightly higher interest rates but may be approved much faster.
From the Berkshires to Boston and Cape Cod, Massachusetts consumers love small businesses. Not only can a small business loan in Massachusetts help your company get off the ground, financing can help you expand and reach more customers. As the state is deeply rooted in the bustling Northeast Corridor, you can take advantage of this economically-rich location with capital from a business loan.
An SBA preferred lender is a leneder that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.
SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.