If you are looking for a small business loan and your business is based in Milton, Massachusetts, we've put together a list of local small business banks that you should contact.
Local Milton Banks
Without further adieu, here's our list of small business banks in Milton.
Small Business Bank |
Recent SBA Loans |
Century Bank - Account Line 24 Hour System |
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Citizens Bank - Branches- Milton |
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Coldwell Banker Hunneman - Area Real Estate Offices- Milton |
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Sovereign Bank - Branch Office- Milton |
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Other Lending Resources for Milton Businesses
This is a list of banks outside of Milton, Massachusetts that have provided SBA loans to Milton businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Milton Businesses
Before reaching out to lenders to get 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, define how the money will be used, and show your ability to pay the loan back to the lender.
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. 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 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 your individual retirement account or pension plan. The banks will look at your personal credit report 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 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.
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