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December 24, 2024  
 
 
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Small Business Lenders in Hopedale, Massachusetts

 
Loan Census SBA Loan Info

Getting a business loan in Hopedale, Massachusetts seems challenging at first, but we're here to help you get started.

If you are planning on applying for a small business loan and your business is based in Hopedale, Massachusetts, we've put together a list of local small business banks that you should contact.

Lenders for Hopedale Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
3
Bank Of America
Providence, RI
1
Capital One
Mclean, VA
1
Commerce Bank & Trust Company
Worcester, MA
2
Dedham Institution For Savings
Dedham, MA
1
Independence Bank
East Greenwich, RI
1
Rbs Citizens
Providence, RI
1
Sovereign Bank
Wyomissing, PA
1
Td Banknorth
Portland, ME
2
Ups Capital Business Credit
Boston, MA
1
Ups Capital Business Credit
Windsor, CT
1

Business Loan Advice for Hopedale Businesses

As a prerequisite to contacting lenders to discuss getting 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 lender.

Having a business plan is an important prerequisite. If the loan is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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, you will likely be asked to to guarantee the loan 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 these banks 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

Our Gaebler.com site is deeply committed to providing advice to entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we would suggest you read 504 Loans.

Business Loan Sources for Other Cities in Massachusetts
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