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

Southbridge, Massachusetts Business Loan

 
Loan Census SBA Loan Info

Getting a business loan in Southbridge, Massachusetts seems challenging at first, but we're here to help you get started.

These materials were prepared for small business proprietors in Southbridge, Massachusetts who are interested in getting a bank loan.

Local Southbridge Business Lenders

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

Small Business Bank Recent SBA Loans
Savers Bank  
Saver's Bank  
Savers Co-operative Bank 2
Southbridge Savings Bank 19
Sovereign Bank  

Lenders for Southbridge Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Providence, RI
1
Hometown Bank A Co-operative B
Oxford, MA
1
Newtek Small Business Finance Inc.
New York, NY
1
Td Banknorth
Portland, ME
2

Southbridge Business Loan Advice

Before meeting with lenders to discuss getting 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, define how the money will be used, and show your ability to pay the loan back to the lender.

Having a business plan is essential. If the money 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, 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 these banks participate in the financial assistance programs available through the SBA. 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.

Gaebler.com Advice on Raising Money

If you are new to our Gaebler.com site, you should know that we are devoted to assisting entrepreneurs, and we have a lot of useful articles about to Raising Money. If raising money is on your to-do list, we recommend you read Realistic Debt Financing Options.

Business Loan Sources for Other Cities in Massachusetts
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