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

Warren, Massachusetts Business Loan

 
Loan Census SBA Loan Info

Small business loans in Warren, Massachusetts are available. You just need to talk to the right bank.

We wrote this article for small business proprietors in Warren, Massachusetts who are interested in getting a bank loan.

Banks that Lend to Warren Businesses

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

Small Business Bank Recent SBA Loans
Familyfirst Bank
Ware, MA
1
Td Banknorth
Portland, ME
3

Warren Business Loan Advice

As a prerequisite to reaching out to banks 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, define how the money will be used, and show how you plan to pay the loan back to the bank.

Having a business plan is an important prerequisite. If the financing 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 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 the banks in our list participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review 504 Loans.

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