Loan Census Banking News and Information
December 24, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Townsend, Massachusetts

 
Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Townsend, Massachusetts, we've assembled a list of local small business banks that you should contact.

Local Townsend Business Lenders

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

Small Business Bank Recent SBA Loans
Sovereign Bank  

Banks that Lend to Townsend Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
1
Branch Bank & Trust
Winston Salem, NC
1
Capital One
Mclean, VA
1
North Middlesex Savings Bank
Ayer, MA
1
Rbs Citizens
Providence, RI
1
Rollstone Bank And Trust
Fitchburg, MA
2
Sovereign Bank
Dorchester, MA
1

Business Loan Advice for Townsend Businesses

As a prerequisite to meeting with banks for a loan, you will need to have a specific plan.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show your ability to pay the money back to the bank.

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. 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 secure the business 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 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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