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Small Business Loans in Massachusetts

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10 Small Business Loans in Massachusetts

Our compilation is the result of dedicated research into the small business lending landscape in Massachusetts, grounded in concrete data. The lenders are ranked by the volume of small business loans they've provided within the current year.

Essentially, this means the listed banks and financial institutions are the ones actively extending the highest number of loans to small businesses within the state.

(This stands in contrast to many other sources that often highlight nonprofit organizations with infrequent lending activities or government schemes that are inaccessible to the majority of businesses!)

Takeaway: Despite its small size as a state, most small business lending in Massachusetts is done by local banks. 

Methodology: Our analysis utilizes data from SBA 7a loans, confirming that each lender mentioned provides SBA loans. Furthermore, we've detailed other small business financing options available through their websites.

Given that conventional banks often mandate high credit scores and a business history of over two years, we've initiated our guide with two alternative financing solutions aimed at supporting small business owners facing challenges with credit scores or those who are relatively new to their business ventures.

1. Credit Suite

Credit Suite operates at the intersection of business credit counseling and software solutions, extending two innovative financing alternatives beyond the conventional routes.

For businesses with a track record of a few years and minimal credit requirements, Cash Flow Financing presents an opportunity to secure adaptable financial support by leveraging the company's existing cash flow. This option eschews the traditional fixed monthly payment model in favor of repayments tied to a portion of the business's continuous cash flow.

Meanwhile, the Credit Line Hybrid is engineered to provide capital based solely on the strength of personal credit, sidestepping the need for detailed financial disclosures, bank statements, or business plans. 

It's an ideal solution for fledgling startups and entrepreneurs, with available amounts ranging from $5,000 to $150,000, tailored specifically for ventures under two years old.

Business financing options offered:

  • Credit Suite Cash Flow Financing

  • Credit Suite Credit Line Hybrid

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2. Eastern Bank

Eastern Bank lends more small business loans than any other bank in Massachusetts. They call themselves "New England's #1 SBA Lender". They also have a good variety of other small business loans as well.

Business financing options offered:

  • SBA Loans

  • Business Term Loan

  • Express Business Loan

  • SBA 7(a) & 504 Loan

  • Lines of Credit

  • Cash Reserves Line of Credit

  • Commercial Lending

  • 5 business credit cards

3. TD Bank

TD Bank stands out as a substantial financial institution, servicing every East Coast state barring Georgia. With an extensive network of retail locations, they present a diverse range of financing solutions for small businesses, proudly recognized as an SBA Preferred Lender.

The bank accommodates both online and face-to-face applications for business loans, providing flexibility and convenience to its customers.

Business financing options offered:

  • Term Loans 

  • Business Lines of Credit

  • Commercial Real Estate Loans & Mortgages

  • SBA Loans

  • Revolving Lines of Credit

  • Equipment Financing

  • Asset Based Lending

  • Supply Chain Financing

  • TD Business Solutions Credit Card

4. Needham Bank

Needham is a small bank in Massachusetts with many branches throughout the Greater Boston Area.They have a decent variety of small business loans. 

Business financing options offered:

  • Commercial Real Estate Loans
  • Construction Loans
  • Business Term Loan
  • Business Line of Credit
  • Massachusetts Capital Access Program (CAP)
  • SBA Loans
  • 1 Business Credit Card

5. BayFirst National Bank

BayFirst National specializes in providing SBA loans, boasting on their website of "Lightning Fast Business Loans!" and "In-house team, quick funding" thanks to their dedicated in-house underwriting team. This setup ensures both rapid processing and specialized knowledge.

Given the typically extended timeline for SBA loan approvals, their ability to expedite the funding process represents a significant benefit.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

6. St. Mary's Credit Union

Located in the MetroWest area of Massachusetts, St. Mary's Credit Union is not to be confused with St. Mary's Bank in New Hampshire, which is also a credit union. 

St. Mary's CU in Massachusetts claims that they are the "#1 SBA Credit Union Lender in MA for 8 years in a row". 

Business financing options offered:

  • Business Term Loans

  • SBA Loans

7. Salem Five Cents Savings Bank

Salem is an old-school bank that offers a decent array of small business financing options. Their aviation financing is an usual and fun focus. 

Business financing options offered:

  • SBA Loans

  • Term Loans

  • Lines of Credit

  • Real Estate Financing

  • Aviation Financing

  • Business credit card

8. Webster Bank National Association

Webster Bank is another small bank with a presence in four states. 

Business financing options offered:

  • Lines of Credit

  • Term Loans

  • Commercial Mortgages

  • SBA Loans

9. Bank of America

Bank of America stands as another prominent national bank featured on our list, with a robust issuance of small business loans across Massachusetts, supported by their widespread branch network in the state.

The variety of small business financing options they offer is commendable. Particularly striking is their transparency in specifying the criteria for their business loans, a practice not commonly seen among lenders. We value this clarity highly. 

Thus, if you're contemplating a small business loan with them, it's crucial to ensure you meet the specified requirements for your desired loan product prior to application.

Business financing options offered:

  • Business Advantage Credit Line

  • Business Advantage Term Loan

  • Commercial real estate

  • Equipment loans

  • SBA loans

  • Healthcare practice loans

  • Secured Business Line of Credit

  • Secured Business Term Loan

10. Manufacturers and Traders Trust Company

M&T Bank, with its main office located in Buffalo, New York, boasts a substantial portfolio of business loans, including a variety of loan products specifically designed to meet the needs of distinct industries.

Business financing options offered:

  • Business Lines of Credit

  • Business Credit Cards

  • Term Loans

  • Equipment Financing

  • Small Business Administration (SBA) Loans

  • Farm & Rural Business Loans

  • Restaurant Business Loans

  • Medical Practice Loan

How to apply for a small business loan in Massachusetts 

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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