January 22, 2022
How to Get a Small Business Loan in New Hampshire
If you’re ready to launch a small business in the Granite State or already own one, receiving a small business loan can help you succeed. In this post, we'll dive deeper into how to get a small business loan in New Hampshire.
Why Take Out a Small Business Loan in New Hampshire?
Unless you have an unlimited amount of cash at your disposal, small business loans in New Hampshire can come in handy. With a small business loan, you can pay for just about any business-related expense, such as:- Real estate
- Equipment
- Inventory
- Payroll
Types of Small Business Loans in New Hampshire
When seeking a small business loan in New Hampshire, there are a few popular funding options that you should research and consider. Remember that the eligibility requirements and application processes vary greatly depending on loan type and lender you work with.Small Business Loans
As a small business owner, you can apply for a traditional bank loan at a bank, credit union, or online lender. The Once you receive your business loan, you pay back the loan amount over time via fixed monthly payments.
Business Lines of Credit
Business lines of credit are flexible because they allow you to draw as much or as little as you’d like up to a set credit limit. You’ll only make interest payments on the amount that you borrow. A business line of credit can be very useful in the event your business faces unexpected expenses. You can also use it to fund day-to-day expenses, such as operating costs, payroll, and seasonal cash flow shortages.Equipment Loans
Most likely, you require some type of equipment in order to successfully operate your business. This equipment may be a desktop computer or something more complex like a backhoe or excavator. If you're approved for an equipment loan program, you'll have financing to purchase or lease equipment. However, it's important to note that you can't use equipment financing for other purchases.Merchant Cash Advance
If you receive a merchant cash advance, you'll borrow money in exchange for your future debit and credit card sales. It’s easy to obtain and offers quick capital. With this business financing option, you won’t have to make set payments. Instead, you can repay your loan with your daily credit and debit card sales.Resources for New Hampshire Business Owners
If you own a small business in New Hampshire, be sure to check out these valuable resources.- New Hampshire SBDC: This organization has been around for over 30 years and provides free, confidential advising to small business owners in New Hampshire. If you’re interested, you can fill out an online request form and wait for someone to contact you with more information.
- Live Free and Start: An initiative of the New Hampshire High Tech Council, Live Free and Start strives to make the state a great place for innovative businesses to grow, launch and succeed. It offers a variety of exciting events as well as detailed information on how to secure funding.
- New Hampshire SCORE: SCORE provides free business mentoring, local workshops, and online resources. You can turn to its mentors to support you with your venture and guide you along the way through their real word experience and advice.