Holbrook, Massachusetts Business Loan

Local Holbrook Business Loan Sources

To help you learn more about local small business lenders, here's our list of small business banks in Holbrook.

Lenders for Holbrook Businesses

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

Holbrook Business Loan Advice

As a prerequisite to reaching out to lenders for a loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the money back to the lender.

A well-defined business plan is is critically important. If the money 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 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, the bank may ask you to to secure the business 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 these banks 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 do your homework 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 dedicated to supporting small business owners, and we have a lot of information pertaining to to Raising Money. For example, we recommend you read 504 Loans.