Disclosure: Our content isn't financial advice. Do your due diligence and speak to your financial advisor before making any investment decision. We may earn money from products reviewed. (Learn more)

Are you looking for Massachusetts’s best business loans & startup financing companies? For your small business in the Bay State, many banks, credit unions, & unconventional lenders are offering different loan types. There are 700k small businesses in Massachusetts, making it one of the most prolific states for entrepreneurs and ingenious people with unique ideas.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 9 business loans & startup financing options in Massachusetts to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Massachusetts-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans and innovative financing options with a simplified funding process. At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! It is important to talk directly to Swoop’s experts to determine your creditworthiness, though.

2. Webster Bank

At Webster Bank, you can get funded with up to $566k (on average) while the average rate of interest in these cases stays at a modest 4.90%. Even though this bank is based in Connecticut, it also caters to the needs of Massachusetts-based corporations, especially small businesses. As the Bay State’s prime SBA lending partner, Webster Bank can provide you with ample funds either as a loan or as a line of credit. You’ll get longer terms and reduced down payments. Also, Webster Bank allows even amateur startups to apply for small business funding.

3. Berkshire Bank

This bank deserves the #3 spot on our list because, even though the average interest rate here is almost 6.00%, the average loan amount is around $777,000. This bank offers small business loans to local startups in Massachusetts, Vermont, New York, Rhode Island, Connecticut, and many other locations. However, Berkshire Bank has different requirements based on whether you are applying for a loan amount under $100k or over $500.

4. Salem Five Bank

The average interest rate at this bank is 4.61%. However, you can apply for a loan from Salem Five Bank of an average amount that exceeds $400k. Based in Massachusetts, this bank helps Codfish State’s startups get the funding they need to stay in business. So, you can apply for SBA loans, term loans, or simply open a new line of credit. SBA-guaranteed term loans allow you to purchase business machinery or consolidate debt. Borrowing goes to $500k for 30 years at this institution.

5. Rockland Trust Bank

The town of Rockland is located in Plymouth County, Massachusetts. The average interest rate at this lender is 4.52%. However, $487,000 is the average amount approved as a loan here. So, you should get in contact with this generous lender to see what they have in store for you! You can use Rockland Trust Bank’s funding for the following purposes:

• Small Business Loans From the U.S. Small Business Administration
• Helps small businesses launch and grow
• 504, 7(a) and SBA Express options
• Choose from a line, term loan, or commercial mortgage
• Various terms and flexible amounts
• Secured and unsecured options
• Improve cash flow
• Reduce costs
• Lock in favorable pricing and avoid rising costs

6. St. Mary’s Credit Union

The average interest rate at St. Mary’s Credit Union is 3.85%. However, the average amount of loans approved by this CU is also very low ($85,000). This credit union supports mostly startups located in Massachusetts. So, you can apply for small business loans, open a new line of credit, or look into SBA loans through this lender. 

7. Bristol County Savings Bank

This lender operates in Massachusetts and Rhode Island, offering comprehensive and flexible lending solutions to local businesses that can’t get funding via traditional means. If you need access to quick cash, then you can apply for SBA-guaranteed express loans by contacting this lender. Bristol County Savings Bank can give you up to $100k in small business funding. 

If you’re operating a small business in Massachusetts’s Bristol County, there’s no better solution for you than to apply for ample funding via this generous lender. Talk to their agents, ask about their lenders, and take your Bay State business to new heights of success efficiently.

8. Bank Five

This lender has unique lending programs meant to help Old Colony State’s startups get ample funding. You can apply for the traditional SBA 7(a), 504, and express loans from Bank Five. It’ll allow you to get much-needed financial assistance to keep your business afloat. So, keep in mind that the express one is a 50% guarantee small business loan program from the U.S. Small Business Administration for loans up to $350,000, ideal for businesses that may not meet traditional lending requirements.

9. Needham Bank

At Needham Bank, the average rate of interest is around 5.80% with the average loan amount here being around $290,000. Via this lender’s Massachusetts Capital Access (CAP) program, you can receive the financial assistance you need no matter how small with this program specifically designed for companies with 200 or fewer employees.

Massachusetts Government Resources

Check out these government resources about business grants/funding and startup financing options in Massachusetts:

• Economic Development-Business Assist | Chicopee, MA
• Business Incentives & Programs | Fitchburg, MA
• EOED Programs and Grants | Business and Innovation

Top Cities in Massachusetts for Business Loans

Curious to know which cities or census-designated places (CDPs) in Massachusetts are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Boston
2. Worcester
3. Springfield
4. Cambridge
5. Chicopee
6. Brockton
7. New Bedford
8. Quincy
9. Lowell
10. Fall River
11. Newton
12. Somerville
13. Lawrence
14. Framingham
15. Haverhill
16. Malden
17. Medford
18. Taunton
19. Chicopee
20. Pittsfield
21. Westfield
22. Fitchburg
23. Beverly
24. Waltham
25. Everett
26. Revere
27. Randolph
28. Peabody
29. Northampton
30. Wareham

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in the Codfish State in this economy.

Now, choose a lender that offers you flexible loan terms and interest rates. So, check their online reputation, customer service, interest rates, and other factors. If something needs to be clarified, get in touch with Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.