How To Find A Business Loan In Massachusetts

A number of government agencies and private lenders offer business loans and grants in Massachusetts. These business loans are crucial for many small businesses in the state. This article profiles some of the sources of business loans in Massachusetts.

Business Loans in Massachusetts:

Government lending programs, private lenders, banks and venture capitalists are some of the major sources of business loans in Massachusetts. Let us look at some of them briefly.

1) Massachusetts Business Development Corporation (Mass Business)
Mass Business provides loans to start-ups and entrepreneurs. This is a viable loan option for small businesses. Mass Business is a private lending organization created by venture capitalists interested in emerging technologies and innovations. Apart from business loans, Mass Business also offers equity investment options to small businesses.

2) Massachusetts Recycling Loan Fund
The Massachusetts Recycling Loan Fund aims at providing financial help to small businesses working in the area of recycling, composting etc. that need loans. Since this type of loan is considered risky, not many lenders are ready to offer it. This is where the Massachusetts Recycling Loan Fund can help. If you own a recycling firm, you can ask the Massachusetts Recycling Loan Fund for funds to help your business grow.

3) New England Certified Term Loans

The New England Certified Development Corporation distributes this loan to businesses that need to purchase property. The loans can also be used for buying construction equipments. Under the terms of the New England Certified Term Loans program, you get a first mortgage, around half the project cost, from the Corporation. A second loan helps you lend to companies in the form of debentures. The only eligibility criterion is that you must run your business in Massachusetts.

4) DCU

The DCU is a credit-lending agency in Massachusetts that offers loans for up to $250,000 through minimal paperwork procedure. The low interest rates and high loan amounts offered are some of the more attractive features of this company’s Massachusetts business loans. In order to be eligible for a loan from DCU, your business should be at least 18 months old.

5) Small Business Administration (SBA) Loans

If you want to start a small business, one of the best sources of loans will be the SBA. Apart from lending to small businesses, SBA also provides business consultancy services through SCORE, Service Corps of Retired Executives.

Apart from the above-mentioned sources of business loans in Massachusetts, you can also approach local banks and statewide organizations that offer loans on easy terms. If you need more information on business loans in Massachusetts, you can hire a small business consultant who will help you locate the best sources of business loans.