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November 21, 2024  
 
 
  Business Loan Information  
 

Business Loan Spencer, Massachusetts

 
Loan Census SBA Loan Info

Raising money in Spencer, Massachusetts? If so, you'll want to talk to some of these small business lenders in Spencer.

This article is written specifically for small business owners in Spencer, Massachusetts who are interested in getting a bank loan.

Local Spencer Banks

Without further adieu, here's our list of small business banks in Spencer.

Small Business Bank Recent SBA Loans
Southbridge Savings Bank  
Spencer Savings Bank 5

SBA Lenders for Spencer Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Providence, RI
1
Ge Cap. Small Business Finan Corp
St. Louis, MO
1
Greater Bay Bank
Palo Alto, CA
1
Hometown Bank A Co-operative B
Webster, MA
1
Td Banknorth
Worcester, MA
1
United Bank
West Springfield, MA
1

Tips for Getting a Business Loan in Spencer

Before contacting banks to get 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, define how the money will be used, and show how you intend to to pay the loan back to the bank.

Being able to present a well-written business plan is is critically important. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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 cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to secure the business with your personal assets, such as the equity in your home. 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 are SBA lenders. 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.

Gaebler.com Advice on Raising Money

Our Gaebler.com site is dedicated to aiding entrepreneurs, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, one article that might be of interest to you is Business Credit Evaluation.

More Business Loan Info for Massachusetts
Get a Business Loan in Southbridge
Get a Business Loan in Springfield

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