Loan Census Banking News and Information
October 26, 2020  
  Business Loan Information  

Business Loan Pittsfield, Massachusetts

Loan Census SBA Loan Info

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

We wrote this article for small business owners in Pittsfield, Massachusetts who are interested in getting a small business loan.

Local Pittsfield Business Loan Sources

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

Small Business Bank Recent SBA Loans
Pittsfield Co-operative Bk 33
Berkshire Bank 50
Berkshire Fcu 1
Citizens Bank - Supermarket Branches- Stop & Shop  
City Savings Bank of Pittsfield  
Greylock Fcu 154
Greylock Federal Credit Union  
Lee Bank - Pittsfield Loan Office  
Legacy Bancorp, Inc. 2
Legacy Banks 103
Pittsfield Cooperative Bank  
Pittsfield Municipal Federal Credit Union  
Td Banknorth 7

Banks that Lend to Pittsfield Businesses

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

Small Business Bank Recent SBA Loans
Bank - Western Massachusetts
Springfield, MA
Bank Of America
Providence, RI
Berkshire Bank
Lee, MA
Capital One
Mclean, VA
Lee Bank
Lee, MA
Legacy Bank
Milwaukee, WI
Rbs Citizens
Boston, MA
Rbs Citizens
Providence, RI
Td Banknorth
Portland, ME
The Legacy Bank, A Division Of
Harrisburg, PA

Tips for Getting a Business Loan in Pittsfield

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

Being able to present a well-written business plan is is critically important. If the capital is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 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 participate in the financial assistance programs available through the SBA. Before meeting with the banker, you may want to read up on 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. Advice on Raising Money

Take the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read 504 Loans.

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