|At a glance - There are over 669,224 small businesses in the state of Massachusetts with over 1.5 million employees. Massachusetts is ranked 5th on the list of the 10 best states to get a business loan. In this guide, our experts provide you with the information you need to select the top Massachusetts small business loan for your business.|
Top Three Massachusetts Small Business Loan Options
1. Century Bank
Century Bank offers small business loans to businesses that contribute to their community. Century Bank provides small businesses with up to $500,000 and, depending on your checking, a Century checking account. Lower interest rates may apply. Century’s repayment terms are anywhere from 12 months to 20 years, depending on whether the loan is for real estate or equipment.
Century Bank takes pride in helping veterans and their families start their businesses and provide the needed funding. Veterans can borrow up to $350,000 for lines of credit and $500,000 for term loans. These loan programs are veteran’s advantage loans. Lower interest rates apply in the same way if they have a business checking account with Century Bank. The repayment terms would be the same as any other small business owner.
They can meet all your loan and financing needs, and their specialty is SBA loans. Century Bank can open up your very own business account and keep all your finances in check.
- Borrow $500,000
- Veterans can borrow $350,000 - $500,000
- Low-interest rates for persons with Century’s business checking accounts
- Repayment terms:
- 12 to 24 months for lines of credit
- Up to 7 years for equipment
- Up to 20 years for real estate
2. Wells Fargo
When you require the ultimate head start to move your business forward, Wells Fargo is one of the financial options you should consider.
Wells Fargo offers two types of loans. The SBA 7(a) loan is when a business wants to take over an existing business or expand or purchase real estate and equipment. This loan is ideal for companies with a net income below $5 million. The loan amount would be no more than $5,000,000. Repayment terms are up to 25 years for real estate and 10 years for any other loans. The interest rate can be fixed but also variable.
The SBA 504 loan is for businesses that feel the need to expand their horizons or purchase equipment. Wells Fargo loans an amount of up to $6,500,000, and a certified development company funds the rest of the loan amount. Interest rates and payment terms remain the same as the SBA 7(a) loan.
- Borrow $5,000,000 - $6,500,000
- Interest rates are fixed as well as variable
- Two different loans to choose from
- Payment terms are 25 years for real estate and 10 years for other loans
The Live Oak Bank makes it its duty to help small businesses get the loans that they deserve. Live Oak Bank has specific teams who work with certain companies and guide them through loan approval and loan duration. This bank has loaned billions of dollars to small businesses.
Live Oak Bank provides the 7(a) loan, which amounts to $5,000,000 and a repayment term of 25 years. The provider gives you the option to refinance or expand your business. Live Oak Bank is faster than other lenders when it comes to approval for SBA-backed loans. The lender also has low interest rates, which makes it cost-efficient.
For Massachusetts small business loans to be approved, one has to have a credit score of 680, and they also have to have at least three years of business experience.
- Borrow $5,000,000
- Low-interest rates
- Repayment terms: 25 Years
Summary of the Small Business Loans in Massachusetts
Type of Loan
Business loan & line of credit
Up to $500,000
3.99% fixed guaranteed for 12 months
12 to 24 months for lines,
Up to 7 years for equipment,
Up to 20 years for real estate
Real estate and normal loans
Up to $6.5 million
It depends on the type of loan and amount borrowed
10 - 25 years
Live Oak Bank
Up to $5 million
It depends on the amount borrowed and loan term
Up to 25 years