Loan Census Banking News and Information
October 19, 2020  
 
 
  Business Loan Information  
 

Small Business Lenders in Peabody, Massachusetts

 
Loan Census SBA Loan Info

Looking for a Peabody, Massachusetts small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

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

Local Peabody Lenders

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

Small Business Bank Recent SBA Loans
Banknorth Massachusetts  
CBD  
Citizens Bank - Supermarket Branches- Stop & Shop  
East Boston Savings Bank  
Eastern Bank - Banking Offices- Peabody  
Heritage Bank  
North Shore Bank A Cooperative 18
Sovereign Bank  
Unified Federal Credit Union  

SBA Lenders for Peabody Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
1
Bank Of America
Providence, RI
8
Business Loan Center, LLC
Panama City Beach, FL
1
Capital One
Mclean, VA
8
Century Bank And Trust Company
Somerville, MA
1
Cit Small Business Lending Corp
Livingston, NJ
3
Danversbank
Danvers, MA
25
Eastern Bank
Boston, MA
11
Enterprise Bank & Trust
Lowell, MA
1
Independence Bank
East Greenwich, RI
2
Newtek Small Business Finance Inc.
New York, NY
1
Rbs Citizens
Boston, MA
1
Rbs Citizens
Manchester, NH
1
Rbs Citizens
Providence, RI
10
Salem Five Cents Savings Bank
Salem, MA
6
Sovereign Bank
Villanova, PA
1
Sovereign Bank
Wyomissing, PA
3
Td Banknorth
Portland, ME
12
Td Banknorth
Worcester, MA
1
The Provident Bank
Amesbury, MA
1
Ups Capital Business Credit
Windsor, CT
3
Wachovia SBA Lending, Inc.
Roseville, CA
2
Wells Fargo Bank
San Jose, CA
1

Business Loan Advice for Peabody Businesses

Prior to meeting with banks 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, 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 is critically important. If the capital is to for a company that is already doing 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to secure the business with 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. 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.

Gaebler.com Advice on Raising Money

Gaebler.com is a site that is devoted to aiding entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we would suggest you read Find Start-Up Capital.

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