Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Lenox, Massachusetts Business Loan

 
Loan Census SBA Loan Info

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

These materials were prepared for small business owners in Lenox, Massachusetts who are interested in getting a bank loan.

Local Lenox Business Loan Sources

To assist you in finding a small business banker, here's our list of small business banks in Lenox.

Small Business Bank Recent SBA Loans
Legacy Banks 8
Lenox National Bank - the Center at Lenox  
Lenox Savings Bank  
The Lenox National Bank 1

Banks that Lend to Lenox Businesses

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

Small Business Bank Recent SBA Loans
Pittsfield Co-operative Bk
Pittsfield, MA
2
Berkshire Bank
Pittsfield, MA
2
Greylock Fcu
Pittsfield, MA
3
Legacy Banks
Pittsfield, MA
6

Lenox Business Loan Advice

Prior to contacting lenders to get a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the loan back to the lender.

Being able to present a well-written business plan is essential. If the 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, you will likely be asked to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 new to our Gaebler.com site, you should know that we are all about helping small business owners, and we have a lot of resources related to to Raising Money. For example, we would suggest you read 504 Loans.

Business Loan Sources for Other Cities in Massachusetts
Get a Business Loan in Lawrence
Get a Business Loan in Leominster

Browse All Business Loan Sources for Massachusetts