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Massachusetts Small Business Loans: Best Options to Consider

Massachusetts has one of the smallest SBA loan amounts, which is $101,371. This statistic qualifies Massachusetts as one of the poorer states to get a small business loan. Based on the approval of small business loans, Massachusetts is ranked 5th on the 10 best states to get a business loan.

Massachusetts Small Business Loans
Tetiana Sitiugina-Babiuk
Financial Sector Specialist and Content Strategist

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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


Type of Loan


Interest Rate


Century Bank

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


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


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.

1. Credibly - Best for SBA Loans


Established in 2010, Credibly aims to offer faster and cheaper small business loans to entrepreneurs in Massachusetts and across the country. The loans have quite lenient eligibility requirements and generous repayment terms, and come in a variety of forms:

  • Working capital loans. Working capital loans are intended to help small business owners meet short-term lending needs. The loan amounts can range up to $400,000 with terms ranging from 6 to 18 months.
  • Long-term business expansion loans. These types of loans are used specifically for business expansion, so a business plan will be required in order to qualify for them. The loan amounts can range between $150,000 and $5,000,000 with 3 to 10 years to repay the loan.
  • SBA loans. Backed by the government, SBA loans offer more favorable terms, but require a little more documentation to apply. While the maximum loan amount isn’t disclosed, the term length can range between 2 and 25 years.
  • Other types of loans. Credibly also offers other products, such as business lines of credit, merchant cash advances, equipment financing, and invoice factoring.
Try Credibly

Learn more about Credibly in our comprehensive review.

2. Fora Financial - Best for Merchant Cash Advance

banner_Fora Financial

Offering Massachusetts small business loans since 2008, Fora Financial is now a reputable fintech lender that provides convenient online loans for thousands of small business owners. The company offers merchant cash advances and short-term loans for businesses operating in a wide range of industries. The loans can range between $5,000 and $500,000, and the online approval process typically takes only 24 hours, with funds being disbursed within the next three days.

To apply for a loan with Fora Financial, you need to make sure that:

  • You have been in operation for at least six months
  • Your annual revenue is at least $12,000
  • You have no open or unsettled bankruptcies

The Bottom Line

Simply submit your one-page application online, upload any supporting documents, and wait for the decision.

Try Fora Financial

3. BlueVine - Best for Invoice Factoring

banner blu vine

BlueVine offers short-term business loans with a fixed interest rate of 4.8%. Instead of loaning you a specific sum of money, BlueVine lets you decide what you need, and an agreement is made regarding repayment terms.

BlueVine is one of the quickest ways to get cash. Once you are approved, you’ll receive your funds on the same day. Credit approval usually takes 12 hours or less, and invoice factoring takes a few minutes to a day. Usually, a credit check is where small business owners are lacking, but BlueVine considers approving your loan even if your credit score is below 630.

BlueVine is perfect for you if:

  • You need cash in 12 to 24 hours for business purchases.
  • You have business-to-business customers who haven’t paid punctually.
  • Other loan providers haven’t approved your loan request.
Try BlueVine

Learn more about BlueVine in our comprehensive review.

4. Fundbox - Best for Lines of Credit

Banner funbox

Fundbox created a small loaning business to help other future small business owners reach their full potential. Fundbox keeps cash flowing by offering advanced payments when specific invoices are outstanding.

Fundbox is entirely online, and they have no subscription or early repayment fees. You only repay the funds for the period that you used the loan. Money is transferred into your business bank account within the same day. Fundbox should be used regularly because then the fees decrease and the credit increases.

The Bottom Line

Outstanding invoices are cleared within 24 hours, saving you the hassle that most businesses go through when waiting for a client’s payment. Small companies no longer have to get worked up over unpaid invoices as Fundbox pulls these invoices out of your bookkeeping application and puts the funds into your bank account.

Try Fundbox

Learn more about Fundbox in our comprehensive review.

Additional Massachusetts Small Business Financial Resources

1. The Massachusetts Growth Capital Corporation.

The Massachusetts Growth Capital Corporation (MGCC) is an independent agency working with local banks, lending institutions, and nonprofit organizations to finance projects that will create economic opportunities across the Commonwealth. MGCC also provides loans to companies that are not able to obtain financing from traditional sources and manages a competitive grant program for organizations working in community development.

2. The Massachusetts Clean Energy Center

The Massachusetts Clean Energy Center (MassCEC) is an economic development agency that works to promote the growth of the clean energy sector in the state to secure long-term economic growth, support job creation, and deliver important environmental benefits.

MassCEC runs a variety of programs for Massachusetts-based small businesses and start-ups, offering grant funding and awards, direct equity and venture debt investments, and technical support.

3. MassVentures

MassVentures is a venture capital investment group that provides loans to companies that are based on technology. The goal of the organization is to find, fund, and support the development of early-stage technology that can fuel economic growth in the state.

If your startup innovates engineering and scientific advances that aim to address important societal challenges, consider contacting MassVentures. You may be able to apply for seed investment and grants, receive valuable business guidance and benefit from valuable networking opportunities.

Other Resources for Massachusetts Small Businesses

1. The State Trade and Export Program (STEP)

The STEP program provides grants to eligible small businesses in Massachusetts that are looking to increase the export sales of their services and goods. Eligible businesses may apply for grants ranging from $6,000 to $12,000 to compensate for expenses associated with pre-approved activities, services, and projects related to international business development, such as:

  • Research tool subscription for export market research
  • Design of export-specific marketing media
  • Compliance testing of an existing product for entry into a new market
  • Overseas conference exhibition or trade show

2. The Workplace Safety Training Grant

The Workplace Safety Training and Education Grant Program is aimed to fund programs that reduce the risk of employees’ illness or injury and promote healthy and safe workplace conditions through education, training, and other preventative programs.

Each year, the grant program awards up to $25,000 to eligible Massachusetts businesses who demonstrate a compelling program design that addresses potential injury, an injury history, or provides a proactive approach to injury prevention.

3. The Workforce Training Fund

The Workforce Training Fund Program aims to address business competitiveness and productivity by offering resources to fund employee training for Massachusetts-based businesses. The Fund encourages businesses of all sizes to apply and offers several types of grants ranging up to $250,000 per company.

How to Prepare for a Massachusetts Small Business Loan

To acquire a Massachusetts small business loan, you have to have a solid foundation and structure for your future business.

The Business Plan

This step is probably the most crucial when starting a business. The lender would want to see that you know what you want to do in terms of growth and that you have the skills to achieve this said growth.

Prepare Financial Statements

You should include any financial documents that can show the provider that you could make money back that you’re borrowing from them and that you have a rock-solid plan in terms of generating an income for your business.

These documents should include your income statements and your balance sheets for the past 3 to 5 years.

State the Purpose and Amount of your Loan

Describe to the lenders precisely what you would need in terms of equipment, marketing, etc. Also, do research and add the exact amount that you’ll need for your business.

Research Your Options of Lenders

Ensure that you conduct thorough research, as some banks might look like the best option, but their loan approval standards might be shocking. Be prepared because all providers will check your credit score, so keep it up to par.

The Bottom Line

Many lenders are willing to provide Massachusetts small business loans; therefore, you should explore your options before deciding on an online service or heading into your local bank for a traditional means of funding.

Qualifying for the loan that suits your small business needs requires you to have all the necessary paperwork in order. Weigh all your options after consulting with a few lenders and decide which financing method best suits your needs.

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

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