Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Somersworth, New Hampshire

 
Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Somersworth, New Hampshire, we've assembled a list of local small business banks that you should contact.

Local Somersworth Lenders

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

Small Business Bank Recent SBA Loans
Citizens Bank  
Somersworth Bank  

Other Lending Resources for Somersworth Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Providence, RI
7
Business Loan Center, LLC
New York, NY
1
Cit Small Business Lending Corp
Livingston, NJ
2
Federal Savings Bank
Dover, NH
1
First Colebrook Bank
Colebrook, NH
1
Home Loan Invest Bank F.s.b.
Warwick, RI
1
Keybank National Association
Cleveland, OH
1
Northway Bank
Berlin, NH
1
Ocean Bank
Keene, NH
2
Ocean Bank
Portsmouth, NH
3
Rbs Citizens
Boston, MA
1
Rbs Citizens
Manchester, NH
27
Rbs Citizens
Norwood, MA
11
Rbs Citizens
Providence, RI
48

Business Loan Advice for Somersworth Businesses

As a prerequisite to reaching out to 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 introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the money back to the bank.

A well-defined business plan is is critically important. If the bank loan is to for a company that is already doing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to pledge 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 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

If you are planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Getting a Small Business Loan.

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