We wrote this article for small business proprietors in Concord, Massachusetts who are interested in getting debt financing.
Local Concord Banks
To help you learn more about local small business lenders, here's our list of small business banks in Concord.
Business Loan Providers for Concord Businesses
This is a list of banks outside of Concord, Massachusetts that have provided SBA loans to Concord businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
Bank Of America
Charlotte, NC |
1 |
Bank Of America
Providence, RI |
5 |
Capital One
Mclean, VA |
1 |
Century Bank And Trust Company
Somerville, MA |
1 |
Cit Small Business Lending Corp
Livingston, NJ |
1 |
Danversbank
Danvers, MA |
1 |
Eastern Bank
Boston, MA |
1 |
Enterprise Bank & Trust
Lowell, MA |
1 |
Ge Cap. Small Business Finan Corp
St. Louis, MO |
1 |
Merrill Lynch Bank Usa
Salt Lake City, UT |
1 |
Middlesex Savings Bank
Natick, MA |
5 |
North Middlesex Savings Bank
Ayer, MA |
1 |
Rbs Citizens
Boston, MA |
4 |
Rbs Citizens
Norwood, MA |
1 |
Rbs Citizens
Providence, RI |
17 |
Td Banknorth
Portland, ME |
1 |
Tips for Getting a Business Loan in Concord
As a prerequisite to reaching out to banks for a loan, you will need to determine exactly what size loan you will be asking for.
You need to be able to clearly explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.
Having a business plan is an important prerequisite. If the financing is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to guarantee the loan. Collateral is relevant because banks always
want to be prepared for a worst-case scenario in which you cannot repay the loan.
If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will check on your personal credit history in any case, so hopefully you have good credit history
-- you may want to get a copy of your credit history prior to meeting with the banker.
Many of the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to read up on on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.
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