The state Executive Office of Housing and Economic Development maintains a list of potential grant opportunities and low-interest loan programs for Massachusetts businesses. The Massachusetts Growth Capital Corporation (MGCC) focuses on providing free resources to small businesses, including emergency loans and a library of reference materials for companies in a host of industries. Small Business Strong, launched in the wake of the COVID-19 pandemic, provides many programs for entrepreneurs, especially those from underserved backgrounds.

If your business operates in an innovative or high tech sector, there are grants that might be applicable to you in Massachusetts and the state keeps a list of these. In addition, the government and several non-profits offer grants to small businesses in a wide range of fields. Look into MGCC’s many granting programs and also research Massachusetts’s State Trade Expansion Program (STEP).

Upon determining your corporate structure (like sole proprietorship or corporation), you will probably have to register your company with the Secretary of State to qualify for a loan in Massachusetts. Not every Massachusetts business needs licenses or permits, but you should check to see if your company does. Once you can operate in the Bay State, explore your funding options. Lendio’s free online platform makes it fast and easy to find, compare, and apply for loans that fit your needs.

Depending on the financing type, your business loan approval odds will be largely impacted by how long your company has existed, your annual revenues, your business plans, and your personal credit history.

In creating your business plan and loan application packet, think about what types of loans will help you take advantage of Massachusetts’s deep talent pool and the population’s penchant for small businesses. Some financing types, like term loans and SBA loans, have favorable repayment terms but take longer to get approval and have more intense application procedures. Other loan types, like lines of credit and accounts receivable financing, may have slightly higher interest rates but may be approved much faster.

From the Berkshires to Boston and Cape Cod, Massachusetts consumers love small businesses. Not only can a small business loan in Massachusetts help your company get off the ground, financing can help you expand and reach more customers. As the state is deeply rooted in the bustling Northeast Corridor, you can take advantage of this economically-rich location with capital from a business loan.

An SBA preferred lender is a leneder that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.

SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.