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Massachusetts Small Business Loans

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By Erin Ryan Social Community Manager, Senior Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

Massachusetts is known for big-name corporations, such as Dunkin’ Donuts and General Electric. But it has its share of small businesses, including corner shops, restaurants, boutiques and more.

If you run one of these local shops or are in business for yourself, it can be difficult to compete with more established, well-known brands. In the era of the COVID-19 pandemic, this can prove even more challenging than usual. 

If you’re experiencing a short-term gap in cash flow or are looking to keep up with the competition, a Massachusetts small business loan could provide the help you need. Here are a few top lenders in the state to consider as well as organizations dedicated to assisting small business owners.


Small Business Landscape in Massachusetts

Between Boston and Cape Cod, Massachusetts is a popular tourist destination. And more than 700,600 small businesses make up a large share of that, contributing 1.5 million jobs to the private-sector workforce, according to the Small Business Administration (SBA). 

The greatest small business employment in seen in these industries:

  • Health care and social assistance
  • Accommodation and food services
  • Technical, scientific and professional services
  • Retail
  • Construction 
  • Manufacturing

5 Banks for Massachusetts Small Business Loans

When you’re ready to start your search for a business loan, here are 5 banks to consider, a number of which are top SBA lenders in Massachusetts.

1. Eastern Bank

Eastern Bank made Forbes’ list of America’s Best Banks. It’s also A+ rated with the Better Business Bureau (BBB). In addition to being an SBA Massachusetts lender, this bank is a provider of the following:

2. Webster Five

When you’re searching for Massachusetts business loans, check out this BBB-accredited bank, which also has earned an A+ rating. Additionally, more than 130 WalletHub users have awarded the bank with a 4.9-star review.

Available financing options include these:

  • SBA loans
  • Term loans
  • Letters of credit
  • Business credit cards
  • Revolving lines of credit
  • Commercial real estate mortgages

3. Enterprise Bank 

This financial institution has earned a spot on WalletHub’s 2021 Best Bank of Massachusetts  list. It’s also earned a 4.8-star rating from WalletHub users and is A+ rated with the BBB. You’ll find SBA loans in Massachusetts, including 7(a) and 504 loans, as well as the following:

  • Term loans 
  • Credit lines
  • Construction loans
  • Commercial real estate loans

4. Adams Community Bank

Adams Community Bank has earned a 5-star rating on WalletHub and a 4.2-star rating on SmartAsset. Massachusetts small business loans available here include these:

  • SBA loans
  • Commercial mortgages
  • Commercial term loans
  • Commercial lines of credit

5. Citizens Bank

Citizens Bank is BBB-accredited and A+ rated. If you’re looking for a variety of Massachusetts SBA loans, you’ll find them here as well as the following:

  • Equipment loans
  • Business credit cards
  • Business lines of credit
  • Business term loans
  • Business mortgages

Alternative Financing Options in Massachusetts

Sure, you could turn to conventional lenders, such as the banks mentioned, when you’re in need of business financing. They’re known to offer competitive rates and terms, after all. What many business owners are finding, however, is that it can be difficult to meet a bank’s requirements for approval

More and more business owners are turning to alternative lenders for faster funding alternatives with less red tape. These nonbank lenders are known for their short-term financing options, such as merchant cash advances, whether in Massachusetts or another state. Some of these lenders also offer longer term loans. 

  • Applying for Massachusetts Small Business Funding Through Fast Capital 360

    Our lending partners offer a variety of funding options, including merchant cash advances in Massachusetts and SBA loans, among others.

    Here are the advantages of working with us:

    Speed

    Submit your online application easily with just a few clicks. Get started today! 

    Multiple Offers

    Your application with us could return several financing offers. That’s because we partner with lenders throughout the country. 

    Expert Guidance

    A Fast Capital 360 Business Advisor will reach out to review your financing offers with you so you can choose the best option for your funding needs.

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Additional Resources for Massachusetts Entrepreneurs

Here are a few additional organizations to turn to in the state. From help securing financing to training on business topics, see how you can benefit.

MassVentures

If you’re in search of small business startup loans in Massachusetts, take a look at this venture capital firm focused on investing in Massachusetts startups. MassVentures has been in operation since the late 1970s and was founded by the Commonwealth of Massachusetts. It was designed to be a semipublic organization to facilitate the growth of early-stage technology companies. Here, entrepreneurs can seek loans and grants as well as business guidance.

Massachusetts Small Business Development Center Network

Sponsored in part by the SBA, this organization offers a wealth of resources to startup and experienced entrepreneurs. Visit your local branch to take advantage of training seminars, government contracting assistance, business mentoring and more. Assistance securing business financing is also available.

SCORE 

This nationwide nonprofit has been in operation for decades. Over the years, it’s been dedicated to helping small business owners achieve success, whether just starting out, maintaining stable growth or expanding operations. Entrepreneurs can benefit from free 1-on-1 mentoring sessions, educational workshops and a surplus of online resources.

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