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March 29, 2024  
 
 
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Business Loan Forestdale, Massachusetts

 
Loan Census SBA Loan Info

Small business loans in Forestdale, Massachusetts are available. You just need to talk to the right bank.

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

Other Lending Resources for Forestdale Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
1
Rbs Citizens
Providence, RI
2
Sovereign Bank
Abington, MA
3

Tips for Getting a Business Loan in Forestdale

Prior to contacting 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

Being able to present a well-written business plan is essential. 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, you will likely be asked to to guarantee the loan 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 are SBA lenders. Prior to visiting local banks, 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

Make the effort and learn as much as you can about Raising Money. To get started, we recommend you read 504 Loans.

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