Small business lenders in Massachusetts offer loans to support business needs of most types.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
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As the largest state by population in New England, Massachusetts has much to offer those who call it home. Located on the Atlantic Ocean and the Gulf of Maine, the state is home to the Greater Boston area, a modern, vibrant city that is also known for its history of the building of the country. The state is a very important part of research and academia as well, having numerous colleges in the area, such as Harvard University and MIT. With 6.9 million people, The Bay State, also sometimes called The Pilgrim State, provides a wide range of opportunities for residents. That is especially true in larger cities such as Boston, Worcester, Cambridge, and Lowell.
Massachusetts contributes a great deal to the country as a whole, and that includes its strong economy. It has numerous strong sectors in the economy, including engineering, biotechnology, finance, higher education, and maritime trade. While a number of large businesses operate out of the state, it is also a state with a vibrant small business culture. The U.S. Small Business Administration states there are 718,467 small businesses in the state, in a wide range of sectors such as service providers, artisans, tourism-focused businesses, and much more. These businesses provide 1.5 million jobs to the residents here, providing a payroll of $90,869,167, according to the latest data.
A deeper look shows that many of these businesses are reliant on financial tools like small business loans in Massachusetts to help them grow and thrive. The Small Business Administration has data showing that there are 3,920 small business loans active in the state, with a total loan volume of $1,744,541,763. The average small business loan size was $445,036, according to the latest data from the previous three years. These funds are a critical tool for helping businesses to grow, develop, build, and support employees in the state. Further details about state-specific programs may be available from the Massachusetts Growth Capital Corporation or local community development offices.
Small business lenders in Massachusetts provide financial loans to qualified businesses for multiple purposes. Lenders will lend capital to businesses in exchange for repayment with interest. Companies can use those funds for a wide range of needs, such as funding operations, paying for new product development, expanding operations, or hiring employees. The funds are repaid over a period of 5 to 10 years, though some loans are repaid over a longer period of time. It is always a good idea to work closely with your lender to find the best possible loan terms for your needs, and most small business lenders have some flexibility. These lenders range from big banks to private individuals.
Massachusetts has a wide range of lenders, often offering lucrative small business loans. However, every lender requires businesses to have the specific credit qualifications they set. Typically, lenders use a company’s revenue and business plan to help determine if they can lend, such as learning about the company’s industry, products or services, management style, and profit margins. The monthly revenue produced is also valuable because it shows the lender how much of a monthly payment the company may be able to afford to make if the loan is provided.
In addition to this, creditworthiness is also considered. For established businesses, the company’s credit history can be considered. For companies that do not have a strong credit history, though, small business lenders in Massachusetts typically will use the business owner’s personal credit history to make lending decisions.
Whether you’re working with a local economic development office, taking out a working capital loan, or looking for other business resources, using a business loan to accomplish your goals may help fast track you to the next level. Plenty of entrepreneurs and Massachusetts small business owners turn to loans to help them grow faster whether they need to expand hiring, operations, marketing, or buy real estate. Nonprofit organizations, too, may need help with small business development, and may be able to use grant programs instead.
With plenty of business financing programs available, seek out financial assistance to help you company grow. Whether it’s a business grant or loan options from the federal government, review all your financing options before committing to one. Local banks and even loans from SBA.gov may be an option, too. Whether it’s a short-term loan or one that you’ll repay over a long period of time, financial assistance is out there.
There are numerous types of loans available with different lending opportunities. For example, some lenders offer a line of credit the company can use over and over again as they repay the balance. Most loans are a one-time influx of capital that can be used for larger projects, such as expansion or new product development. These loans typically are paid back over a period of time with fixed or adjustable interest rates. Some of the most common types of business loans include:
Without a doubt, small businesses are reliant on having access to capital. These loans can be an affordable and highly desirable way to meet the needs of the company.
| Rank | Bank Name | # of Massachusetts Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Eastern Bank | 189 | 5.89% | $191,853 |
| 2 | TD Bank | 71 | 6.90% | $322,017 |
| 3 | Webster Bank | 66 | 4.90% | $566,056 |
| 4 | Leader Bank | 53 | 5.14% | $118,423 |
| 5 | Live Oak Banking Company | 47 | 5.44% | $1,494,638 |
| 6 | Needham Bank | 37 | 5.80% | $290,946 |
| 7 | Rockland Trust Company | 35 | 4.52% | $487,157 |
| 8 | St. Mary's Credit Union | 34 | 3.86% | $85,241 |
| 9 | Berkshire Bank | 29 | 5.95% | $777,369 |
| 10 | Salem Five Cents Savings Bank | 26 | 4.61% | $410,561 |
Founded in 1818, Boston based Eastern Bank has been around and has over $2.4 billion in assets to provide for its customers’ needs. With over 120 locations in 3 states, Eastern Bank can provide many services, including small business loans, investments, commercial, business, and personal banking.
We reached out to Eastern Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
TD Bank was founded in 1852 in Portland, Maine, as a bank to help the community. Since that time, TD Bank has grown to be able to provide all types of services and products to meet the needs of its customers on a broad level all across the country.
We reached out to TD Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
With multiple locations throughout Connecticut, Webster Bank has the ability to reach all of its customers and provide for their banking needs. Webster Bank offers a number of products for its customers, both in their business banking and personal banking, including loans and wealth management.
We reached out to Webster Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Based in Arlington, Massachusetts, Leader Bank provides a number of services in regard to business loans to help meet the needs of the community. With a number of products and services available to help meet the needs of its customers, Leader Bank has things like loan forgiveness.
We reached out to Leader Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Live Oak Bank is based in North Carolina but serves all 50 states as a cloud based digital bank. Offering a number of products and services to its customers, from personal to small business loans, as well as options for personal and business banking like checking and savings accounts.
We reached out to Live Oak Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
As a small business owner, it is likely numerous business decisions will be necessary over time. That includes decisions about financing and others, such as building credit and establishing a strong financial base. There are some key resources that can help companies to learn how to make those decisions wisely.
The Small Business Administration in Massachusetts is a good starting point. This organization offers a great deal of tools and informative articles on its website to help companies to make decisions about borrowing, business establishment, ownership changes, growing, marketing, and much more. It is one of the easiest ways for you to find an exceptional resource with free but accurate information. There are local offices available, including in Boston, but the website offers a variety of resources itself.
Another valuable resource is SCORE, an organization that offers a wide range of knowledge most business owners need but do not always have access to. This is a free service that is created by successful business owners. Take a few minutes to check out the list of webinars, seminars, training events, educational programs, and other resources on the website, or visit the main office in Worcester.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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