These materials were prepared for small business proprietors in Hudson, Massachusetts who are interested in getting a bank loan.
Local Hudson Business Loan Sources
Without further adieu, here's our list of small business banks in Hudson.
|Small Business Bank
||Recent SBA Loans
|Hudson National Bank
|Hudson Savings Bank
Business Loan Providers for Hudson Businesses
This is a list of banks outside of Hudson, Massachusetts that have provided SBA loans to Hudson businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Hudson
Before reaching out to banks 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 how you intend to to pay the loan back to the bank.
Having a business plan is an important prerequisite. If the money is to for an existing business, 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 cash flow from the business does not meet your projections.
If the business has few assets, you will likely be asked to to guarantee the loan 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 the banks in our list are SBA lenders. Before meeting with the 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.
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