Finimpact

New Hampshire Small Business Loans

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, our experts analyze the top New Hampshire small business loans that are currently available.

New Hampshire
Tetiana Sitiugina-Babiuk
Financial Sector Specialist and Content Strategist

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, this makes up more than 99% of the privatized workforce throughout the entire state and employs almost 0.6 million people in total.

Best New Hampshire Small Business Loans

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

Bar Harbor Bank & Trust

The seasoned team of experts at Bar Harbor Bank & Trust 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.

Bank of New Hampshire

The oldest and one of the largest independent banks within the state, the Bank of New Hampshire offers a range of commercial lending services to local small businesses.

The loan decisions are made locally, which means faster turn-around times, and a variety of loan types are available for virtually any business needs. As such, the funds can be used for purchasing equipment and other assets; refinancing, purchasing, or expanding real estate; acquiring or expanding an existing business; or meeting short-term, seasonal, or other work capital requirements.

While the Bank of New Hampshire doesn’t disclose the specific terms and conditions, they do specify that they provide the following types of financing:

  • Term loans
  • Commercial real estate loans
  • Lines of credit
  • Working capital lines of credit
  • SBA loans
  • Business Finance Authority (BFA)

Top Online New Hampshire Small Business Loan Options

Institution Type of loan Average Interest Rates Terms Amounts
Bar Harbor Bank & Trust 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
Bank of New Hampshire Term loans
Commercial real estate loans
Lines of credit
Working capital lines of credit
SBA loans
Business Finance Authority (BFA)
Not specified Not specified Not specified

1. BlueVine

BlueVine is an alternative lender focusing on a single type of small business financing: unsecured lines of credit. While their lines of credit do not require a collateral, they come with somewhat stricter application criteria. In addition, the lender only works with small businesses in certain industries and within certain states. Therefore, make sure to carefully review the BlueVine website prior to submitting your application.

Pros
Simple online application process
Fast turnaround
Personalized customer support
Attractive interest rates
Cons
Not serving North and South Dakota
Services only available for B2B companies
Repayments can be high
Expensive rates for applicants with low credit


In order to qualify for a BlueVine line of credit, your business must be in operation for at least 6 months, bringing at least $10,000 in monthly revenue. In addition, your personal credit score must be no less than 600.

While these qualification criteria might be stricter than with some other alternative lenders, BlueVine offers competitive interest rates, starting at only 4.8%. The loan terms are available for anywhere between 6 and 12 months, with monthly or weekly repayment periods. The credit limit can vary between $5,000 and $250,000.

The Bottom Line

BlueVine presents an excellent alternative option for obtaining a business line of credit. With attractive interest rates, fast turnaround, and personalized customer service, a small business loan from this lender is definitely worth considering.

2. Fora Financial

Since its inception in 2008, ForaFinancial has provided access to quick and easy small business funding to thousands of entrepreneurs throughout the country. As a reputable fintech lender, Fora Financial offers two main types of small business loans: merchant cash advances and short-term business loans. Typically, Fora Financial funding is issued in under 72 hours, - and, in many cases, within only 24 hours of the loan application approval.

Pros
Funding available for a variety of industries
Money disbursed within 24-72 hours
Credit score isn’t important for approval
Cons
Late payment and origination fees are charged
Interest rates can be high


With a merchant cash advance, you can borrow between $5,000 and $500,000 against future credit card sales. This allows for increased flexibility, without a predetermined repayment term. The Fora Financial term loans allow you to borrow $5,000 to $500,000 as well, but come with a predefined repayment period of 4 to 15 months. With either type of loan, you can expect to pay a factor interest rate between 1.1 and 1.3.

The Bottom Line

Fora Financial offers excellent small business loan options. With the help of this alternative lender, you can receive up to $500,000 in the form of a short-term loan or a merchant cash advance, - all in under 72 hours!

3. Fundbox

Since 2013, Fundbox has been offering quick small business loans to entrepreneurs from New Hampshire and the rest of the country. The two main products available are revolving lines of credit and business term loans. If you are looking for ongoing funding to cover operational expenses, consider applying for a business line of credit. If, on the other hand, you need a one-time lump sum of money, a business term loan may be a better option.

Pros
Easy automated application
Quick fund disbursement
No monthly limits
Minimum credit score of only 600
No fees in addition to interest rate
Can pay through automatic debiting
Cons
Interest rates can get expensive
Loan limits are relatively low


With a business term loan from Fundbox, you can borrow anywhere between $1,000 and $150,000 with either a 24- or 52-week repayment terms. Term loan APR can reach 18%.

Similarly, lines of credit can also range between $1,000 and $150,000 in value. However, they are issued for shorter terms, ranging anywhere between 12 and 24 weeks. Line of credit APR can reach 20%.

The Bottom Line

While business term loans and lines of credit from Fundbox come with relatively low limits and high interest rates, the lender is a viable option for those looking for a quick and easy application and fast turnaround. In addition, if you become a repeat customer, you can expect higher loan amounts and lower interest rates.

4.Credibly

Credibly offers seven different types of small business loans. They include working capital loans, lines-of-credit, merchant cash advances, longer-term business expansion loans (for up to ten years), SBA loans, equipment financing, and invoice factoring. Among the most popular loan products is a working capital loan. It takes the form of an unsecured personal loan that allows you to borrow money for any purpose, including paying off your existing debt, buying new equipment, or making improvements to your business.

Pros
Relaxed application requirements
High borrowing limits
Easy online application process
Multiple types of loans available
Helpful customer service
High-risk industries are welcome
Cons
Origination fees are charged
Daily or weekly repayment terms
Interest rates can get expensive


Credibly believes that every small business owner deserves access to small business funding regardless of their credit score. Therefore, the lender offers loans with lenient eligibility requirements and a minimum credit score of only 500.

Loan features may differ depending on the type of financing. There are several different types of loans available, including working capital loans, which may reach up to $400,000 in value, and business expansion loans, ranging from $150,000 to $5 million. The corresponding repayment terms differ as well: working capital loans must be repaid over a period between 6 and 18 months, while longer-term business expansion loans can have a term of anywhere between 3 and 10 years.

The Bottom Line

If you're looking for a reliable online lender that offers multiple New Hampshire small business loan options, Credibly is a good option. The lender features flexible eligibility criteria, a quick application process, and seamless funding process for qualifying applicants.

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.

Live Free and Start not only hosts a variety of events covering business growth strategies, but also provides useful tools and resources necessary to build a business. It also serves as a networking hub, connecting local entrepreneurs with mentors and fellow innovators.

New Hampshire Small Business Development Center (NH SBDC)

NH SBDC is an important resource for anyone looking for small business education and advising. SBDC’s dedicated team of expert business mentors provides free-of-charge confidential advising services to support New Hampshire entrepreneurs and help them start and grow their small businesses.

Each year, New Hampshire Small Business Development Center helps 3,000 small businesses across 200 New Hampshire communities.

New Hampshire SBA Office

The New Hampshire SBA office provides a variety of small business loan and assistance programs, as well as special initiatives and outreach efforts. The organization partners up with many New Hampshire banks and non-bank lenders to offer financial assistance for new and existing small businesses through government-guaranteed SBA loans.

In addition, the New Hampshire SBA Office offers free counseling, advice, and assistance to economically- and socially-disadvantaged individuals and female business owners.

Conservation Innovation Grant (CIG)

The New Hampshire Conservation Innovation Grant program is intended to stimulate the adoption and development of innovative conservation technologies and approaches within the field of agricultural production.

The Conservation Innovation Grant will benefit New Hampshire-based agricultural businesses by providing valuable financial support for environmental enhancements necessary to address some of the country’s natural resource concerns. The grant is issued as a 50-50 match between the applicant and the agency.

Other Resources for New Hampshire Small Businesses

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

10 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:

  1. Conduct market research to gather information about potential customers and competitor businesses.
  2. Write your business plan to outline how you are going to run and grow your new business.
  3. Fund your business by researching the best small business loans in New Hampshire and submitting your application.
  4. Pick your business location, either physical or online.
  5. Choose a business structure and research how it would impact your business registration and tax requirements.
  6. Choose your business name to accurately reflect your brand image.
  7. Register your business with the federal and, possibly, state government.
  8. Get federal and state tax IDs to use when opening a bank account or paying taxes.
  9. Apply for licenses and permits to stay legally compliant.
  10. Open a business bank account to use for day-to-day business operations.

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.

This resource includes the list of both federal and state licenses and permits, along with their descriptions and issuing agencies.

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.

The outlined resources include the New Hampshire SCORE chapter, Center for Women & Enterprise NH Women’s Business Center, New Hampshire Small Business Development Center, and Veterans Business Outreach Center of New England.

New Hampshire SCORE

SCORE is dedicated to providing encouragement, support, and tools necessary to create and successfully run a small business. The organization is run by volunteers and mentors that come from various business backgrounds and have valuable expertise to share.

The New Hampshire chapter of SCORE offers free and confidential business mentoring and advice to current and aspiring small business owners within the state. The organization also runs in-person and online business training workshops and shares a full library of useful business tools and templates.

Center for Women & Enterprise NH Women’s Business Center

The Center for Women & Enterprise has been helping aspiring female entrepreneurs to launch and expand their businesses for over 25 years. The organization’s New Hampshire Women’s Business Center was opened in 2015 and operates in partnership with the U.S. Small Business Administration.

The NH Women’s Business Center provides the tools, resources, and support necessary to start and grow a company, improve personal business skills, and receive the official certification. In addition, you can take advantage of valuable networking opportunities to help achieve your entrepreneurial goals.

Bottom Line

If you are thinking of starting a small business in New Hampshire, be prepared that the most challenging aspect is often the initial costs involved with getting things running. Luckily, the state offers a plethora of small business grants and loans, alongside other useful resources.

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, and personal loans from state-based banks and national online lenders. If you have enough creativity, desire, and the correct business plan, you are bound to succeed. Good luck!

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About the Author

Tetiana Sitiugina-Babiuk

Tetiana Sitiugina-Babiuk

Financial Sector Specialist and Content Strategist

Independent writer, content strategist, and financial sector specialist. Tatiana has an extensive experience in working with financial institutions such as Bank of Canada and Risk Management unit at FinDev Canada. She holds an MA in Financial Risk Management from the University of Toronto.

More about me