Loan Census Banking News and Information
April 20, 2021  
 
 
  Business Loan Information  
 

Small Business Lenders in Andover, Massachusetts

 
Loan Census SBA Loan Info

I need a loan for my business in Andover, Massachusetts! If that's what's on your mind, you've come to the right place.

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

Local Andover Business Lenders

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

Small Business Bank Recent SBA Loans
Bank of America Mortgage Mortgage Office  
Banknorth Massachusetts - Banking Centers  
Citizens Bank  
Enterprise Bank & Trust  
Lawrence Savings Bank - Branch Offices  
Southern NH Bank & Trust  
Sovereign Bank  
Td Banknorth 5
The Savings Bank  

Lenders for Andover Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
6
Bank Of America
Providence, RI
6
Bank Of America
Waltham, MA
1
Benjamin Franklin Bank
Franklin, MA
1
Capital One
Mclean, VA
3
Century Bank And Trust Company
Somerville, MA
1
Cit Small Business Lending Corp
Livingston, NJ
1
Commerce Bank & Trust Company
Worcester, MA
3
Danversbank
Danvers, MA
4
Eastern Bank
Boston, MA
2
Enterprise Bank & Trust
Chelmsford, MA
1
Enterprise Bank & Trust
Lowell, MA
1
Mountain 1st Bank & Trust
Hendersonville, NC
1
North Shore Bank A Cooperative
Peabody, MA
1
Pentucket Bank
Haverhill, MA
1
Rbs Citizens
Boston, MA
7
Rbs Citizens
Manchester, NH
1
Rbs Citizens
Norwood, MA
1
Rbs Citizens
Providence, RI
22
Riverbank
North Andover, MA
2
Rockland Trust Company
Rockland, MA
1
Salem Five Cents Savings Bank
Salem, MA
1
Sovereign Bank
Boston, MA
1
Sovereign Bank
Lawrence, MA
1
Sovereign Bank
Villanova, PA
2
Sovereign Bank
Wyomissing, PA
6
Td Banknorth
Portland, ME
13
Telesis Community Cu
Chatsworth, CA
1
The Provident Bank
Amesbury, MA
1
Wells Fargo Bank
San Jose, CA
1

Business Loan Advice for Andover Businesses

As a prerequisite to meeting with lenders to get a bank loan, you will need to develop the specifics of your loan request.

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 your ability to pay the loan back to the lender.

A well-defined business plan is is critically important. If the bank loan 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 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 your individual retirement account or pension plan. 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

If you are serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Borrowing Money from Friends and Family.

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