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December 24, 2024  
 
 
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Business Loan East Douglas, Massachusetts

 
Loan Census SBA Loan Info

Looking for a East Douglas, Massachusetts small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

We wrote this article for entrepreneurs in East Douglas, Massachusetts who are interested in getting a small business loan.

SBA Lenders for East Douglas Businesses

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

Small Business Bank Recent SBA Loans
Hometown Bank A Co-operative B
Oxford, MA
1
Unibank For Savings
Whitinsville, MA
1

Tips for Getting a Business Loan in East Douglas

Prior to contacting banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.

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 intend to to pay the loan back to the bank.

A well-defined business plan is essential. If the loan is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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 to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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 meeting with the banker, 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

Gaebler.com is a site that is dedicated to helping small business owners, and we have a lot of useful articles about to Raising Money. To learn more, we would suggest you read Realistic Debt Financing Options.

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