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:
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 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.
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,
Machinery and equipment, Inventory 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
||20 to 25 years||$121,259|
|Bank of New Hampshire||Term loans
Commercial real estate loans
Lines of credit
Working capital lines of credit
Business Finance Authority (BFA)
|Not specified||Not specified||Not specified|