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

Somerville, Massachusetts Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Somerville, 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 looking for a small business loan and your business is based in Somerville, Massachusetts, we've assembled a list of local small business banks that you should contact.

Local Somerville Business Lenders

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

Small Business Bank Recent SBA Loans
Banks A  
Central Bank  
Central Co-operative Bank 3
Century Bank - Branches- Somerville  
Century Bank And Trust Company 171
Citizens Bank  
East Cambridge Savings Bank  
Fiserv  
Members Plus Credit Union  
Rbs Citizens 1
Sovereign Bank - Somerville-Davis Square  
Wainwright Bank & Trust CO - Branches  

Other Lending Resources for Somerville Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
15
Bank Of America
Providence, RI
20
Beverly Co-operative Bank
Beverly, MA
1
Capital One
Mclean, VA
3
Cit Small Business Lending Corp
Livingston, NJ
1
Danversbank
Danvers, MA
1
Eastern Bank
Boston, MA
1
Greater Bay Bank
Palo Alto, CA
1
Home Loan Invest Bank F.s.b.
Warwick, RI
3
Independence Bank
East Greenwich, RI
1
Middlesex Savings Bank
Natick, MA
2
Rbs Citizens
Boston, MA
25
Rbs Citizens
Norwood, MA
2
Rbs Citizens
Providence, RI
54
Sovereign Bank
Abington, MA
1
Sovereign Bank
Boston, MA
2
Sovereign Bank
Villanova, PA
4
Sovereign Bank
Wyomissing, PA
2
Strata Bank
Medway, MA
1
Td Banknorth
Portland, ME
3
Wainwright Bank & Trust
Boston, MA
3
Wilshire State Bank
Los Angeles, CA
1

Somerville Bank Loan Tips

As a prerequisite to meeting with banks to get 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, describe what the money will finance, and show how you plan to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the money 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 guarantee 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 secure the business 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 these banks 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 do your homework 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 the ball rolling, we suggest you read Realistic Debt Financing Options.

More Business Loan Info for Massachusetts
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