Business Loan Dorchester, Massachusetts

Local Dorchester Lenders

To assist you in finding a small business banker, here's our list of small business banks in Dorchester.

Other Lending Resources for Dorchester Businesses

This is a list of banks outside of Dorchester, Massachusetts that have provided SBA loans to Dorchester businesses. Some of these may be national banks with local branch locations.

Tips for Getting a Business Loan in Dorchester

Before contacting banks to get a bank loan, you will need to have a specific plan.

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.

A well-defined business plan is essential. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know what collateral you have available to secure the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to secure the business with your personal assets, such as the equity in your home. 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. Prior to visiting local banks, you may want to get up to speed 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.

Gaebler.com Advice on Raising Money

Our Gaebler.com site is devoted to helping small business owners, and we have a lot of resources related to to Raising Money. If you want to learn about raising money, we recommend you read Getting a Small Business Loan.