Loan Census Banking News and Information
October 27, 2020  
 
 
  Business Loan Information  
 

Salem, Massachusetts Small Business Loans

 
Loan Census SBA Loan Info

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

If you are hoping to get a small business loan and your business is based in Salem, Massachusetts, we've put together a list of local small business banks that you should contact.

Local Salem Business Loan Sources

To help you learn more about local small business lenders, here's our list of small business banks in Salem.

Small Business Bank Recent SBA Loans
Beverly Cooperative Bank  
Eastern Bank 5
Heritage Cooperative Bank  
Ipswich Bank  
Ipswich Savings Bank  
North Shore Bank - Liberty Tree Mall Danvers  
North Shore Bank - Shaw's Supermarket  
Salem Five Cents Savings Bank 129
Sovereign Bank  

Other Lending Resources for Salem Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Providence, RI
10
Beverly Co-operative Bank
Beverly, MA
7
Boston Private Bank & Trust
Boston, MA
1
Business Lenders, LLC
Hartford, CT
1
Business Loan Center, LLC
Richmond, VA
1
Capital One
Mclean, VA
7
Century Bank And Trust Company
Somerville, MA
10
Cit Small Business Lending Corp
Livingston, NJ
1
Danversbank
Danvers, MA
19
Eastern Bank
Boston, MA
16
Enterprise Bank & Trust
Lowell, MA
1
Rbs Citizens
Boston, MA
2
Rbs Citizens
Providence, RI
9
Salem Five Cents Savings Bank
Beverly, MA
1
Sovereign Bank
Dorchester, MA
1
Sovereign Bank
Wyomissing, PA
1
Td Banknorth
Portland, ME
10
Textron Business Credit, Inc.
Providence, RI
1
Ups Capital Business Credit
Boston, MA
1
Ups Capital Business Credit
Windsor, CT
1

Salem Bank Loan Tips

Prior to contacting lenders 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the lender.

A well-defined business plan is is critically important. If the financing is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss what collateral you have available to guarantee 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 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 you sit down to talk with a small business 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.

Gaebler.com Advice on Raising Money

Take the time to learn as much as you can about Raising Money. To get started, we recommend you read SBIR Funding.

Business Loan Sources for Other Cities in Massachusetts
Get a Business Loan in Rockport
Get a Business Loan in Saugus

Browse All Business Loan Sources for Massachusetts