This article is written specifically for small business proprietors in Rehoboth, Massachusetts who are interested in getting debt financing.
Local Rehoboth Business Loan Sources
Without further adieu, here's our list of small business banks in Rehoboth.
Small Business Bank |
Recent SBA Loans |
Bristol County Saving Bank |
|
Banks that Lend to Rehoboth Businesses
This is a list of banks outside of Rehoboth, Massachusetts that have provided SBA loans to Rehoboth 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 |
3 |
Bankfive
Fall River, MA |
1 |
Capital One
Mclean, VA |
2 |
Coastway Cu
Cranston, RI |
1 |
Rbs Citizens
Providence, RI |
21 |
Rockland Trust Company
Rockland, MA |
1 |
Small Business Loan Source LLC
Houston, TX |
1 |
Sovereign Bank
Boston, MA |
1 |
Sovereign Bank
Wyomissing, PA |
1 |
Webster Bank
Fall River, MA |
1 |
Tips for Getting a Business Loan in Rehoboth
Prior to meeting with 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 your ability to pay the loan back to the bank.
Having a business plan is an important prerequisite. 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 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 are SBA lenders. Before you sit down to talk with a small business 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.
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