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Loans and Grants in the State of New Hampshire

Out of the 50 states within the U.S., New Hampshire has been ranked as the 24th best state to own or start a small business, making it an attractive option in terms of loans and grants. In this article, we will analyse the top New Hampshire small business grants and loans that are currently available.

At a glance The state of New Hampshire is known for its understanding of small business, and its governance over the last few decades has allowed for extensive growth in this area. In the state of New Hampshire, an average small business is one with less than 750 employees. The average loan amount for small businesses within the state is $137,000, and currently more than 132,000 small businesses are registered in the state. In basic terms, small businesses make up more than 99% of the privatized workforce throughout the entire state and employ almost 0.6 million people in total.

Top New Hampshire Small Business Loan Options

Here is a list of the top New Hampshire small business loan institutions:

Lake Sunapee Bank FSB (A division of Bar Harbour Bank)

Lake Sunapee Bank FSB’s seasoned team of experts has been developing good partnerships with companies, organizations, and sectors for over 130 years. They make it simple to obtain the funding your company needs. 

Business loans are evaluated on an individual basis. Debt service and collateral coverage, loan-to-value calculations, borrower financial power, expertise, and guarantor assistance are all factors that influence the quotes you will be offered, as a small business owner.   

Long-term client relationships are something this bank invests in. Their seasoned Commercial Bankers make an effort to understand your company and its objectives and obstacles.

Eastern Bank

Eastern Bank provides a wide range of financial products. They offer conventional and unconventional Express Business loans, which have the simplest SBA approval process and quickest processing times.

They offer every SBA loan currently available on the market, including the 504 program, which focuses on real estate and machinery financing, and the 7(a) program, which includes protection but provides the same real estate loans with variable rates and 20-25-year terms. These loans all have longer terms and require a smaller initial contribution than traditional loans.

Eastern Bank is currently the number one SBA lender in the Northeast. Its non-government-funded goods have also received positive reviews. 

TD Bank

Small-business loans are available from TD Bank in 15 states and Washington, D.C. Term loans, lines of credit, commercial mortgages, and Small Business Administration loans are among the lending options available. There are lines of credit ranging from $25,000 to $500,000. 

Term loans ranging from $10,000 to $1 million are also available. The terms of each loan product differ. The origination fees charged by TD Bank are not disclosed. TD Bank does not disclose minimum years of operation, minimum credit score, minimum annual sales, and availability of prequalification. The amount of collateral required varies by commodity. 

Lines of credit from TD Bank can be authorized in as little as 48 hours.

Institution

Type of loan

Average Interest Rates

Terms

Amounts

Bar Harbour Bank 

Lines of credit, 

Vehicle loans, 

Machinery and equipment, Inventory loans, 

Term loans, 

Construction financing, Commercial property loans, SBA loans

Vary depending on the loan product you select

Vary from as little as a few months to 25 years depending on loan type and amount

Fixed and variable rates offered depending on the loan amount, term, and credit rating

Eastern Bank

Cash Reserves

Business Credit Cards

Lines of Credit

SBA Loans

5.56%

20 to 25 years

$121,259

TD Bank

Lines of Credit

SBA Loans

Commercial Mortgage Loans

Term Loans

Agricultural Loans

7.76%

1 to 20 years depending on loan amount

$130,872

Top Online New Hampshire Small Business Loan Options

1. Crowdfunding 

In the state of New Hampshire, crowdfunding is usually provided through Kickstarter or Indiegogo. The main issue or challenge faced by most startup businesses is qualifying for funding. Crowdfunding is an attractive option for entrepreneurs who aren’t eligible for other forms of funding.   

Crowdfunding usually involves raising capital using an online campaign. The end goal of crowdfunding is the amount of capital required to get the business up and running. 

Crowdfunding isn’t as popular as more traditional loan methods. However, in the state of New Hampshire, many successful businesses have used crowdfunding to their advantage and have watched their businesses grow substantially. 

2. American Express 

American Express is another online and physical financial institution with amazing options available for small businesses and their initial credit issues. The best option in terms of American Express credit cards is the Blue Business Plus credit card. This card is an amazing line of credit for a business that is just getting started, especially if your business is small in size.

The initial sign-up fee is zero dollars, while the initial 12 months can be completely interest-free when the installments are paid on time and correctly. The credit score of the individual or business should be a minimum of 700, making it slightly challenging for certain low-credit individuals. However, most business owners would meet the minimum requirements with ease.

3. Chase

Chase Ink Business Cash credit card is the likely best online option for startup businesses in the United States, especially in New Hampshire. Initially, there's a bonus of $750 for opening up the account, although you need to spend $7,500 within the first three months of opening your account. 


The interest rates are very low, starting at 1% and 5%, depending on how much money the individual or business spends and the amount of time it takes them to repay the loan amount. An individual's credit score has to be about 660, making it a great starting point for any small business. 

Additional New Hampshire Small Business Financial Resources

To meet the requirements for a state grant, the individual should be disadvantaged, have an amazing business idea, be of minority background, or have a business that will largely benefit the state of New Hampshire.

Live Free and Start

The Governor's Office, the Business Finance Authority, and the Department of Business and Economic Affairs are working together to create jobs and make it easier for technology businesses to develop, expand, and prosper in New Hampshire.

New Hampshire Small Business Development Center

Provides free resources to assist you in the process of beginning a company.

New Hampshire SBA Office

Small business opportunities provide financial aid through partnerships with local banking and financial institutions; lending schemes for foreign trade businesses; guidance to female business owners as well as business counseling; and updates on SBA subsidized veteran loans.

Other Resources for New Hampshire Small Businesses

There are many non-financial resources offered free of charge to small businesses in New Hampshire. 

Steps to starting your business

Planning, making important financial choices, and undertaking a variety of regulatory activities are all part of the process of starting your company. This guide shows you how to achieve these goals in a 10-step format.

Apply for licenses and permits

The majority of small enterprises need a mix of state and federal government permits and licenses. The specifications and fees differ depending on the company's operations, region, and government regulations.

New Hampshire Resources Partner List

The SBA has established several small business support services, as well as unique outreach projects and campaigns to support and educate small business owners over the past years.

How to Prepare for a New Hampshire State Business Loan

  • Develop a comprehensive Business Plan
  • Choose a business name and the type of legal structure that your business will follow
  • Prepare a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis
  • Apply for the relevant permits and licenses
  • Check that you have a good credit rating and improve your current credit rating by checking it daily
  • Choose a business location and check that the zoning is appropriate
  • Prepare your invoice forecasts and operational finance budgets
  • File taxes and apply for insurance
  • Compile a market analysis
  • Explore all funding options, including alternative funding.

Bottom Line

In the business world, the most challenging aspect is often the initial costs involved with starting a business. Many people have great, innovative, and creative ideas for businesses, yet most don’t have the funding they need to realize their goal.  

You may wish to start by checking if you are eligible for any grants in New Hampshire. You can also check out lending options such as business credit cards, invoice financing, collateral financial, and personal loans. Each option is associated with a certain amount of risk, but also many advantages. 

Additionally, if you have exhausted all grant and loan options in New Hampshire, you may want to look at crowdfunding or a personal online credit card loan. These are often last resorts and have no guaranteed outcome; however, anything can work when you have enough creativity, desire, and the correct business plan.