Small businesses are an integral part of Massachusetts’s economy, making up an impressive 99.5% of all local businesses. Current Small Business Administration statistics show that there are 700,646 small businesses in Massachusetts, which provide employment to over 1.5 million workers.
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. BankFive
BankFive is a trusted community bank providing small business loans in Massachusetts and Rhode Island. As a preferred SBA lender for local businesses, BankFive offers tailored financial solutions and expedited approvals, making it an ideal choice for those looking for quick access to financing.
BankFive offers three types of SBA loans:
- SBA Express. The SBA Express program provides loans of up to $350,000 from the U.S. Small Business Administration. These loans come with longer terms and more flexible payment options as compared to standard SBA loans and are ideal for companies that do not meet traditional lending requirements. SBA Express funds can be used for equipment, working capital, inventory, real estate purchases, or expansion.
- 504 Loan Program. The 504 Loan Program provides long-term financing for growing small businesses to allow them to construct, acquire, or expand their business location or purchase equipment and machinery. Such loans usually have preferential long-term interest rates up to 50% of the total financing amount.
- Traditional 7(a). This loan option is intended to provide financial help for businesses with special requirements. The funds may be used to establish a new business or assist in the acquisition, expansion, or operation of an existing business. Traditional 7(a) loans have a maximum loan amount of $5,000,000.
3. UniBank
With 13 bank locations throughout the state, UniBank is a trusted provider of Massachusetts small business loans of all types. As such, entrepreneurs are encouraged to apply for:
- Fast Track loan or line of credit. The Fast Track loan or line of credit streamline the application and approval processes, allowing small businesses to get access to funds as quickly as possible. With Fast Track, you can receive a loan or a line of credit of up to $150,000.
- Lines of credit. A business line of credit from UniBank will provide you with the extra funds for your short-term borrowing needs.
- Term loans. UniBank’s term loans can be used to purchase fixed assets, including equipment, machinery, and vehicles. However, they can also be used to refinance business debt.
- SBA loans. UniBank also offers SBA loans for purposes such as starting a business, purchasing an existing business, acquiring commercial real estate, or upgrading equipment and machinery.
- SBA Veterans line of credit. UniBank supports veterans and offers special SBA Veterans lines of credits designed specifically for military service members and their spouses. Under the program, you will be able to borrow up to $350,000 and receive additional assistance with your business plan.
Summary of the Small Business Loans in Massachusetts
Institution |
Type of Loan |
Amount |
Interest Rate |
Term |
Century Bank |
Business loan & line of credit |
Up to $500,000 |
3.99% fixed guaranteed for 12 months |
|
BankFive |
SBA Express, 504 Loan Program, Traditional 7(a) loans |
Up to $5 million |
It depends on the type of loan and amount borrowed |
It depends on the type of loan and amount borrowed |
UniBank |
Fast Track loans and lines of credit, standard lines of credit, term loans, SBA loans, SBA Veterans lines of credit |
It depends on the type of loan |
It depends on the amount borrowed and loan term |
It depends on the amount borrowed and loan term |
Top Online Massachusetts Small Business Loan Options
Future small business owners should keep in mind that online loan options involve only a few clicks of a button. Online providers make our lives so much easier by allowing us to find the most beneficial loans without leaving the house.