Small Business Loans in Massachusetts
Learn All About Small Business Loans in Massachusetts
Massachusetts is home to more than 756,000 small businesses, which make up 99.5% of all enterprises in the state. From the biotechnology hubs in Cambridge to the fishing fleets of Gloucester and the tourism centers on Cape Cod, these companies employ nearly 45% of the state’s workforce.
Whether you’re launching a startup in the Berkshires or expanding a manufacturing plant in Worcester, finding small business loans in Massachusetts is a key step in developing your business. Here’s what you need to know about securing financing for your company.
- Key Points
- • Among other products, MassDevelopment offers specialized equipment loans to help manufacturers and industrial businesses scale operations.
- • The Massachusetts Clean Energy Center (MassCEC) provides grants and other programs to startups in the cleantech sector.
- • The State Trade Expansion Program (STEP) grant program can help Massachusetts businesses expand into international markets.
- • Seasonal businesses, like hotels and restaurants on the Massachusetts coast, may benefit from lines of credit, which can help them cover revenue lulls.
- • The Massachusetts Small Business Development Center (MSBDC) offers no-cost, confidential advising to businesses throughout the state.
Popular Types of Small Business Loans in Massachusetts
Entrepreneurs in the Bay State benefit from a sophisticated financial ecosystem that includes both state-sponsored equity programs and traditional lending. The following sections outline the most common funding options available to business owners across Massachusetts.
Massachusetts Small Business Loan Programs
The state actively fosters economic growth through its quasi-public agency. Massachusetts Development Finance Agency (MassDevelopment), which has grown to be the state’s primary small business funding group. The agency provides working capital loans, equipment financing, and microloans, among a wide variety of products.
Term Loans
If you obtain a term loan, after approving you, the lender will provide you with an upfront lump sum of capital. Over a specified period of time (the term), you’ll need to make regular payments to repay the loan principal and interest, which is usually charged at a fixed rate. This structure can make a term loan an appealing option for financing large, one-time investments with predictable costs. For example, a software company in Boston might use a term loan to build out a new office space.
Business Lines of Credit
Unlike a term loan, a business line of credit can give your company access to a revolving pool of funds that you can draw from as you need money, up to a predetermined limit. You pay interest only on the money you withdraw, and as you repay the balance, you replenish the pool of funds and can withdraw more again.
This kind of funding can be helpful for businesses that may have fluctuating needs and income. For example, a seasonal resort on Cape Cod could use a line of credit to manage payroll and inventory costs during the off-peak winter months.
Equipment Financing
If your business is in need of a specific physical asset, like machinery, vehicles, or technology, you may want to apply for equipment financing. A commercial fishing operation in New Bedford, for instance, could use an equipment financing loan to finance a new vessel, while a precision manufacturer in Lowell might use one to acquire CNC machines.
Since the equipment itself serves as collateral for the lender, equipment financing loans may be easier to obtain than unsecured loans. What’s more, they often come with more favorable terms, too.
SBA Loans
SBA loans are provided by private lenders, but they’re partially guaranteed by the U.S. Small Business Administration. This federal backing lowers risk for the lender, and as a result, the loan conditions may permit lower down payments and longer repayment terms than other types of loan. If you qualify, these Massachusetts business loans are available through many approved banks and credit unions.
Here are some types of SBA loans commonly used by small businesses.
• The SBA 7(a) loan is very flexible: Amounts can range from $500 to $5 million. It’s suitable for covering working capital, refinancing debt, or purchasing supplies.
• The SBA 504 loan is specifically meant for companies to use on major fixed assets, such as commercial real estate or heavy equipment. The maximum amount is between $5 million and $5.5 million.
• The SBA Microloan is meant to help with short-term needs and can be useful to companies that need startup loans. You can borrow up to $50,000 and the maximum repayment term is seven years.
An SBA loan calculator can help you estimate what your loan costs might be for different kinds of SBA funding.
Recommended: Small Business Financing Guide
How to Apply for a Small Business Loan in Massachusetts
When your company is applying for Massachusetts small business loans, prospective lenders generally want you to provide them with an in-depth, easy-to-understand rundown of your business’s robust financials and a defined plan for how you’d spend the funds you receive.
Here’s a step-by-step breakdown of how to apply for a small business loan in Massachusetts.
Define Your Loan Purpose and Amount
Before reaching out to lenders, it’s wise to have a precise understanding of your company’s funding needs. You should be able to articulate exactly how much money is needed and how it will generate a return. A specific proposal, such as “$50,000 to upgrade our laboratory filtration systems improving data integrity, operating safety, and operational costs,” demonstrates strategic thinking and financial discipline.
Know Your Credit Score
When reviewing your Massachusetts business loan application, prospective lenders will usually pay particular attention to your company’s credit profile. They’ll probably scrutinize your personal credit scores, too: Many traditional banks require a credit score for a business loan in the range of 680 or higher. Other lenders, like online banks, may be willing to look at slightly lower scores.
Because of the importance of credit scores, it may be a good idea to review your credit reports before you apply so that you can spot any errors and have them fixed. Having this information will also let you be sure you fully understand your financial situation before you submit your application for a Massachusetts small business loan.
Gather Your Key Documents
Sending a prospective lender an application package that’s organized and complete can speed up the review process and demonstrate that you’re reliable and motivated. Requirements vary by lender, but you should usually be prepared to provide the following:
• Credit report
• Income statement
• Bank statements
• Budget
• Income tax returns (both business and personal)
• Business plan
• Collateral valuation and supporting documents (which may include titles, deeds, or invoices)
Compare Lenders and Loan Offers
When you’re looking at Massachusetts small business loans, shopping around can help you find the financing that best suits your needs, since different banks may offer very different options on equipment loans, for instance. It’s also smart to compare options from multiple kinds of sources, including small local banks, large national institutions, and online lenders.
As you review financing proposals, it may be helpful to use a business loan calculator to estimate the monthly payments for different options. It’s also a good idea to look closely at the Annual Percentage Rate (APR) of each loan to understand its true cost.
Submit Your Application and Await Approval
Once you’ve filled out the loan application form and gathered your supporting documentation, you should be ready to submit the application package. After that’s done, you’ll need to wait for the lender’s response. This can take as little as two days in some cases, but may require several weeks in others.
Tips for Improving Your Loan Approval Chances
You might be able to increase your odds of securing a small business loan by taking steps to strengthen your business’s financial profile before you apply. Lenders typically want to see evidence of your company’s stability as well as its ability to repay the loan. Presenting a financially strong profile may help you secure the loan.
Here are a few steps to consider trying:
• Be sure that you’ve got a realistic business plan with detailed financial projections.
• Work to strengthen your business and your personal credit scores by paying down your current balances and making timely payments.
• If you have collateral available, consider offering it as security to potentially bolster your application’s chance for approval with certain Massachusetts business loans.
Other Funding Options for Massachusetts Small Businesses
If a traditional loan doesn’t seem to be the right fit, there are other ways you may be able to fund your business. Massachusetts’s entrepreneurial ecosystem offers several alternative paths for obtaining capital. One of these options may align better with your company’s specific stage of growth or industry.
Small business grants are a highly sought-after option because they don’t require repayment, and there are a number of grant programs in Massachusetts. For instance, the Massachusetts Technology Collaborative (MassTech) focuses on connecting businesses to federal grants, but also provides some specialized grants that may be relevant to technology companies involved in research and development, among others. The Massachusetts Clean Energy Center (MassCEC) offers a variety of grants and other programs to startups in the cleantech sector, while the State Trade Expansion Program (STEP) grant helps businesses expand into international markets. You may also be able to find grants by searching national databases like Grants.gov for federal programs relevant to your industry.
Crowdfunding is another potentially viable route, helping you raise smaller amounts of capital online from a broad base of supporters.
Additional Business Resources in Massachusetts
To succeed in business, you often need more than just capital, you need expert guidance and a supportive community. Fortunately, Massachusetts has a robust network of resources designed to help small business owners navigate challenges. The Massachusetts Small Business Development Center (MSBDC) is a significant resource that provides no-cost, confidential advising at regional offices throughout the state.
In terms of mentorship, local SCORE chapters connect entrepreneurs with experienced business leaders who volunteer their time. Additionally, the Center for Women & Enterprise (CWE) offers specialized training and counseling for women-owned businesses. Engaging with your local Chamber of Commerce can also provide valuable networking opportunities.
The Takeaway
Securing a Massachusetts small business loan can be the decisive factor that allows your company to expand and prosper. While the process can seem daunting, determination and focus can help you get through it. By defining your goals and utilizing state resources, you should ultimately be able to find the right financing solution for your business.
If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.
(without impacting your credit score)†
FAQ
How do I get a small business loan in Massachusetts?
When you’re applying for a Massachusetts business loan, start by defining your funding needs and checking your credit scores. Next, gather essential documents like your business plan, tax returns, and bank statements to help you complete your loan application. Finally, compare options from various lenders to find the best terms you can get for your Massachusetts small business loan.
Can I get a startup business loan with no money?
This can be challenging, since most lenders require an owner’s investment. However, some SBA microloans designed for startups have lower capital requirements. Another possibility is to look for business grants, which provide funding that doesn’t need to be repaid.
How hard is it to get a small business loan in Massachusetts?
The degree of difficulty depends on factors such as your business’s financial health, time in operation, and credit history. Traditional bank loans often have strict requirements, but online lenders may be more flexible in their requirements, making them a more accessible option for many Massachusetts businesses.
What is the easiest type of business loan to get approved for?
Loans secured by collateral, such as equipment loans, are generally easier to obtain because the asset lowers the lender’s risk. Short-term loans and invoice financing from online lenders also typically have less stringent requirements.
What credit score do I need for a small business loan?
Requirements vary, but for traditional bank and SBA loans, a personal credit score of 680 or higher is often preferred. However, some online lenders may be willing to approve applicants with scores in the low 600s. Bear in mind that higher scores can result in better approval odds and lower interest rates.
What can I use a Massachusetts small business loan for?
You can use a small business loan for almost any legitimate business purpose. Common uses include purchasing inventory, buying equipment, funding marketing campaigns, or refinancing debt. However, you cannot use the loan for personal expenses.
Are there any small business grants available in Massachusetts?
Yes, grants are available from a variety of sources. The Massachusetts Clean Energy Center, for instance, offers grants to cleantech companies. You can also search national databases like Grants.gov for federal programs relevant to your industry.
SoFi's marketplace is owned and operated by SoFi Lending Corp.
Advertising Disclosures: The preliminary options presented on this site are from lenders and providers that pay SoFi compensation for marketing their products and services. This affects whether a product or service is presented on this site. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider. See SoFi Lending Corp. licensing information below.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
*Small Business Loans: Reference to “same day funding” or “funding within 24 hours” describes a general capability of many lenders you can reach through SoFi’s marketplace. Funding or funding timing is not guaranteed. Your experience with any lender will vary based on requirements of the lender and the loan you apply for. To determine the timing of funds availability, you must inquire directly with any lender. In addition, your access to any funds from a loan may be dependent on your bank’s ability to clear a transfer and make funds available.
†Credit score impact: To check the options, terms, and/or rates you may qualify for, SoFi and/or its network providers will conduct a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the provider(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Rates may not be available from all providers.
©2025 SoFi Lending Corp. All rights reserved.
SoFi receives compensation in the event you obtain a loan, financial product, or service through SoFi’s marketplace. This webpage is owned and operated by SoFi Lending Corp., licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. ((www.nmlsconsumeraccess.org)). This page is NOT operated by SoFi Bank. Loans, financial products, and services may not be available in all states. All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown through SoFi’s marketplace are from providers and are estimates based upon the limited information you provided and are for informational purposes only. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. The actual loan terms you receive, including APR, will depend on the provider you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the providers and not by SoFi Lending Corp. Please review each provider’s Terms and Conditions for additional details.
SOSMB-Q425-067
More Small Business Financing Resources
Business loans don’t have to be complicated. Get clear answers on applications, learn what providers really look for, and understand popular loan options.
Search for small business funding in minutes.
Your time matters. So we’re making business loans as easy as possible by helping you find small business funding fast.
(without impacting your credit score)†
Small Business Loans in Maryland
Learn All About Small Business Loans in Maryland
Maryland is home to more than 696,700 small businesses, which account for 99.6% of all enterprises in the state. From the biotechnology firms along the I-270 corridor to the maritime industries of the Chesapeake Bay, these companies employ close to half of the state’s workforce.
Whether you’re launching a cybersecurity startup in Columbia or expanding a crab processing facility on the Eastern Shore, finding small business loans in Maryland can be a key step in developing your business. Here’s what you need to know about securing financing for your company.
- Key Points
- • The Maryland Small Business Development Financing Authority (MSBDFA) offers contract financing and surety bonds specifically for socially and economically disadvantaged entrepreneurs.
- • The Maryland Technology Development Corporation (TEDCO) provides both seed funding and grants for technology startups.
- • Video Lottery Terminal (VLT) funds use proceeds from the state’s casinos to provide funding for small businesses.
- • The Maryland Agricultural and Resource-Based Industry Development Corporation (MARBIDCO) offers loans and grants to new and existing businesses.
- • Equipment financing can help Maryland companies access loans with more advantageous terms since the equipment itself can serve as collateral.
Popular Types of Small Business Loans in Maryland
Entrepreneurs in the Old Line State can benefit from a sophisticated financial ecosystem that blends state-sponsored equity programs with traditional lending. The following sections outline the most common funding options available to business owners across Maryland.
Maryland Small Business Loan Programs
The state actively fosters economic growth through the state’s Department of Commerce and specialized managers like the Meridian Management Group. The Maryland Small Business Development Financing Authority (MSBDFA) is a cornerstone program, offering direct loans and loan guarantees to businesses that may not meet standard bank credit criteria. Additionally, you can apply for a small business loan from the state’s Video Lottery Terminal (VLT) Fund through one of the fund managers.
Term Loans
With a term loan, a lender provides a small business with an upfront lump sum of capital. Over a specified period (the term), the borrower then makes regular payments to repay the principal and interest, which is usually charged at a fixed rate. This structure can make a term loan an appealing option for financing large, one-time investments with predictable costs. For example, a logistics company near Baltimore might use a term loan to upgrade its warehouse infrastructure.
Business Lines of Credit
In contrast to a term loan, a business line of credit can let you access a pool of funds that you can draw from when you need funding, up to a preset limit. Typically, you’ll pay interest only on the money you actually withdraw, and as you repay the balance, you’ll replenish the pool of funds so the money becomes available for you to withdraw again.
Lines of credit can be helpful for businesses subject to revenue lulls or uneven cash flow. For example, a seasonal tourism business in Ocean City might use a line of credit to manage payroll and inventory during the quieter winter months.
Equipment Financing
If your business is in need of a specific physical asset, like machinery, vehicles, or technology, you might consider applying for equipment financing. For instance, a poultry farmer in Salisbury could use an equipment financing loan to finance new processing equipment, while a construction firm in Frederick might use one to acquire a new excavator.
Since the equipment itself acts as collateral for the lender, equipment financing loans can be easier to obtain than unsecured loans. Additionally, they may often come with more favorable terms.
SBA Loans
Private lenders are the actual issuers of SBA loans, but this financing is partially guaranteed by the U.S. Small Business Administration. That federal backing reduces the lender’s risk, so the loan conditions may permit lower down payments and longer repayment terms. If you qualify, these Maryland business loans are available through numerous banks and credit unions.
Below are the types of SBA loans that may be the most useful for small businesses.
• The SBA 7(a) loan is very flexible: Amounts can range from $500 to $5 million. It’s suitable for covering working capital, refinancing debt, or purchasing supplies.
• The SBA 504 loan is specifically meant for companies to use on major fixed assets, such as commercial real estate or heavy equipment. The maximum amount is between $5 million and $5.5 million.
• The SBA Microloan is meant to help with short-term needs and can be useful to companies that need startup loans. You can borrow up to $50,000 and the maximum repayment term is seven years.
Using an SBA loan calculator may help you estimate what your loan costs might be for different kinds of SBA funding.
Recommended: Small Business Financing Guide
How to Apply for a Small Business Loan in Maryland
Applying for a Maryland small business loan takes preparation and attention to detail. You’ll need to provide prospective lenders with a clear picture of your company’s financial health and a well-developed plan for how their funds would be used.
Here’s a step-by-step breakdown of how to apply for a small business loan in Maryland.
Define Your Loan Purpose and Amount
Before you begin contacting lenders, you will want to have a precise understanding of your funding needs. You should be able to articulate exactly how much money your business needs, why, and how the funds will generate a return. A specific proposal, such as “$50,000 to expand our lab’s testing capacity by 30%,” demonstrates to lenders that you’re thinking strategically and exercising financial discipline.
Know Your Credit Score
When reviewing your Maryland business loan application, prospective lenders will usually pay particular attention to your company’s credit profile. They’ll probably scrutinize your personal credit scores, too: Traditional banks often require a credit score for a business loan in the range of 680 or higher. Other lenders, like online banks, may be willing to look at slightly lower scores.
Because of your scores’ importance, it may be beneficial to review your credit reports before you apply so that you can find any errors and have them fixed. Having this information will also let you be sure you fully understand your financial situation before you submit your application for a Maryland small business loan.
Gather Your Key Documents
Sending in an application package that’s organized and complete can speed up the review process and show a potential lender that you’re reliable and motivated. Requirements vary by lender, but you should usually expect to provide the following:
• Credit report
• Income statement
• Bank statements
• Budget
• Income tax returns (both business and personal)
• Business plan
• Collateral valuation and supporting documents (which may include titles, deeds, or invoices)
Compare Lenders and Loan Offers
When you’re considering Maryland small business loans, shopping around can help you find the financing that best suits your needs, since different banks may offer very different options on term loans, for instance. It’s also smart to compare options from multiple kinds of sources, including small local banks, large national institutions, and online lenders.
As you review financing proposals, it may be helpful to use a business loan calculator to estimate the monthly payments for different options. It’s also a good idea to look closely at the Annual Percentage Rate (APR) of each loan to understand its true cost.
Submit Your Application and Await Approval
Once you’ve filled out the loan application form and gathered your supporting documentation, you should be ready to submit the application package. After that’s done, you’ll need to wait for the lender’s response. This can take as little as two days in some cases, but may require several weeks in others.
Tips for Improving Your Loan Approval Chances
You might be able to increase your odds of securing a loan by taking steps to strengthen your business’s financial profile before you apply. Lenders typically want to see evidence of your company’s stability as well as its ability to repay the loan. Presenting a financially strong profile may help you in the approval process.
Here are some steps to consider trying:
• Be sure that you’ve got a realistic business plan with detailed financial projections.
• Work to strengthen your business and personal credit scores by paying down your current balances and making timely payments.
• If you have collateral available, consider offering it as security to potentially bolster your application’s chance for approval with certain Maryland business loans.
Other Funding Options for Maryland Small Businesses
If a traditional loan doesn’t seem like a good fit, there are other ways you may be able to fund your business. Maryland’s entrepreneurial ecosystem provides several alternative paths to obtain capital. One of these options may align better with your company’s specific stage of growth or industry.
Small business grants are a highly sought-after funding option because you don’t have to repay them, and you may be able to access one in Maryland. For instance, the Maryland Agricultural and Resource-Based Industry Development Corporation (MARBIDCO) provides grants (as well as loans) to new and existing businesses. And TEDCO (Maryland Technology Development Corporation), which provides seed funding for technology startups, also offers some grants. Additionally, you can search national databases like Grants.gov for federal programs relevant to your industry.
Crowdfunding is another potentially viable route, allowing your company to raise smaller amounts of capital from a broad base of supporters online.
Additional Business Resources in Maryland
Success in business typically requires more than just capital. It also takes expert guidance and a supportive community. Fortunately, Maryland has a robust network of resources designed to help small business owners navigate challenges. The Maryland Small Business Development Center (SBDC) can be a helpful resource, offering no- and low-cost advising at locations across the state.
As for mentorship, local SCORE chapters connect entrepreneurs with experienced business leaders who volunteer their time. Additionally, the Governor’s Office of Small, Minority & Women Business Affairs provides specialized training and procurement assistance, as well as networking opportunities. Engaging with your local Chamber of Commerce can also provide valuable networking opportunities.
The Takeaway
Securing a Maryland small business loan can be the deciding factor that lets your company expand and prosper. The process may seem daunting, but it’s not impossible for a focused entrepreneur. By defining your goals and utilizing state resources, you should ultimately be able find the right financing solution for your business.
If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.
(without impacting your credit score)†
FAQ
How do I get a small business loan in Maryland?
To apply for a Maryland business loan, start by defining your funding needs and checking your credit scores. Next, gather essential documents like your business plan, tax returns, and bank statements, to help you prepare and submit your application. Finally, compare options from various lenders to find the best terms for your Maryland small business loan.
Can I get a startup business loan with no money?
This can be challenging, since most lenders require an owner’s investment. However, some SBA microloans designed for startups have lower capital requirements. Another possibility is to look for business grants, which provide funding that doesn’t need to be repaid.
How hard is it to get a small business loan in Maryland?
The degree of difficulty involved depends on factors like your business’s financial health, time in operation, and credit history. Traditional bank loans can have strict qualifications. Online lenders may offer more flexible requirements, making them a more accessible option for many Maryland businesses.
What is the easiest type of business loan to get approved for?
Loans secured by collateral, such as equipment financing loans, are usually easier to obtain because the asset lowers the lender’s risk. Short-term loans and invoice financing from online lenders also typically have less stringent requirements.
What credit score do I need for a small business loan?
Requirements vary, but for traditional bank and SBA loans, a personal credit score of 680 or higher is often preferred. However, some online lenders may be willing to approve applicants with scores in the low 600s. Bear in mind that higher scores can result in better approval odds and lower interest rates.
What can I use a Maryland small business loan for?
You can use a small business loan for almost any legitimate business purpose. Common uses include purchasing inventory, buying equipment, funding marketing campaigns, or refinancing debt. However, using small business loans for personal expenses is prohibited.
Are there any small business grants available in Maryland?
Yes, grants are available from a variety of sources in Maryland. For instance, the Maryland Agricultural and Resource-Based Industry Development Corporation (MARBIDCO) provides grants, as does TEDCO (Maryland Technology Development Corporation). You can also search national databases like Grants.gov for federal programs relevant to your industry.
SoFi's marketplace is owned and operated by SoFi Lending Corp.
Advertising Disclosures: The preliminary options presented on this site are from lenders and providers that pay SoFi compensation for marketing their products and services. This affects whether a product or service is presented on this site. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider. See SoFi Lending Corp. licensing information below.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
*Small Business Loans: Reference to “same day funding” or “funding within 24 hours” describes a general capability of many lenders you can reach through SoFi’s marketplace. Funding or funding timing is not guaranteed. Your experience with any lender will vary based on requirements of the lender and the loan you apply for. To determine the timing of funds availability, you must inquire directly with any lender. In addition, your access to any funds from a loan may be dependent on your bank’s ability to clear a transfer and make funds available.
†Credit score impact: To check the options, terms, and/or rates you may qualify for, SoFi and/or its network providers will conduct a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the provider(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Rates may not be available from all providers.
©2025 SoFi Lending Corp. All rights reserved.
SoFi receives compensation in the event you obtain a loan, financial product, or service through SoFi’s marketplace. This webpage is owned and operated by SoFi Lending Corp., licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. ((www.nmlsconsumeraccess.org)). This page is NOT operated by SoFi Bank. Loans, financial products, and services may not be available in all states. All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown through SoFi’s marketplace are from providers and are estimates based upon the limited information you provided and are for informational purposes only. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. The actual loan terms you receive, including APR, will depend on the provider you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the providers and not by SoFi Lending Corp. Please review each provider’s Terms and Conditions for additional details.
SOSMB-Q425-066
More Small Business Financing Resources
Business loans don’t have to be complicated. Get clear answers on applications, learn what providers really look for, and understand popular loan options.
Search for small business funding in minutes.
Your time matters. So we’re making business loans as easy as possible by helping you find small business funding fast.
(without impacting your credit score)†
Small Business Loans in Maine
Learn All About Small Business Loans in Maine
Maine is home to more than 160,000 small businesses, which account for 99.2% of all enterprises in the state. From the working waterfronts of the coast to the forestry and agricultural hubs inland, these companies employ more than 54% of the state’s workforce.
Whether you’re launching a sustainable aquaculture venture or expanding a seasonal tourism business, finding small business loans in Maine can be a key step toward helping your business thrive. Here’s what you need to know about securing financing for your company.
- Key Points
- • Coastal Enterprises, Inc. (CEI) serves as a Community Development Financial Institution (CDFI), providing capital, advice, and other services to small businesses.
- • The Maine Technology Institute (MTI) provides grants and loans specifically for innovation-driven companies in sectors like marine technology and advanced forestry.
- • Seasonal tourism businesses often rely on lines of credit to bridge cash flow gaps during the slower winter months.
- • Maine’s Agricultural Marketing Loan Fund (AMLF) offers low-interest financing to help farmers, aquaculture entrepreneurs, and food processors improve or expand their operations.
- • The Harold Alfond Institute for Business Innovation at Thomas College offers advice and assistance for startups.
Popular Types of Small Business Loans in Maine
Entrepreneurs in the Pine Tree State benefit from a robust network of state-backed programs and private lending options designed to support its unique mix of heritage industries and modern innovation. The following sections outline the most common funding options available to business owners across Maine.
Maine Small Business Loan Programs
The state actively fosters economic growth through the Finance Authority of Maine (FAME). FAME manages the Grow Maine program, which utilizes federal State Small Business Credit Initiative (SSBCI) funds to offer loan guarantees and direct lending.
Additionally, Coastal Enterprises, Inc. (CEI) offers specialized lending products, including the “Wicked Fast” microloan for smaller capital needs (up to $15,000 for startups or $30,000 for existing businesses) that don’t involve as complicated an application process as many loans.
And Maine’s Agricultural Marketing Loan Fund (AMLF) offers low-interest financing intended to help farmers, aquaculture entrepreneurs, and food processors improve or expand their operations.
Term Loans
A term loan can provide a small business with an upfront lump sum. The borrower then repays the principal, along with interest (which is usually charged at a fixed rate), in regular payments over a defined period of time. A predictable repayment structure can be useful as you prepare monthly budgets, and because the funds come in a lump sum, these loans can be well-suited to funding large, one-time investments. For example, a craft brewery in Portland might use a term loan to expand its canning line.
Business Lines of Credit
In contrast to a term loan, a business line of credit can give you access to a revolving pool of funds that you can draw from as you need, up to a preset limit determined by the lender. Generally, you pay interest only on the money you actually withdraw, and as you repay the balance, you replenish the pool of funds and the money becomes available for you to withdraw again.
Lines of credit can be helpful for businesses that have seasonal lulls or uneven cash flow. For example, a seasonal lobster shack in Bar Harbor could use a line of credit to purchase inventory and cover payroll before the summer tourist rush begins.
Equipment Financing
If your business needs a specific physical asset, like machinery, vehicles, or technology, you could consider applying for equipment financing. For instance, if you’re a commercial fisherman in Rockland, you could use an equipment financing loan to pay for a new boat, while if you run a logging company in Aroostook County, you might use one to acquire a skidder.
Since the equipment itself serves as collateral for the lender, equipment financing loans may be easier to obtain than unsecured loans. What’s more, they often come with more favorable terms, too.
SBA Loans
Although SBA loans are issued by approved private lenders, they’re partially guaranteed by the U.S. Small Business Administration. This backing reduces risk for the lender, so the loan conditions may permit lower down payments and longer repayment terms. If you qualify, these Maine business loans are available through many approved banks and credit unions.
Below are the types of SBA loans that may be the most useful for small businesses.
• The SBA 7(a) loan is very flexible: Amounts can range from $500 to $5 million. It’s suitable for covering working capital, refinancing debt, or purchasing supplies.
• The SBA 504 loan is specifically meant for companies to use on major fixed assets, such as commercial real estate or heavy equipment. The maximum amount is between $5 million and $5.5 million.
• The SBA Microloan is meant to help with short-term needs and can be useful to companies that need startup loans. You can borrow up to $50,000 and the maximum repayment term is seven years.
An SBA loan calculator can help you estimate what your loan costs might be for different kinds of SBA funding.
Recommended: Small Business Financing Guide
How to Apply for a Small Business Loan in Maine
When you’re applying for Maine small business loans, prospective lenders generally want you to present them with an in-depth, easy-to-understand rundown of your company’s financials and a defined plan for how you’d spend the funds you receive.
Here’s a step-by-step breakdown of how to apply for a small business loan in Maine.
Define Your Loan Purpose and Amount
Before contacting prospective lenders, it’s smart to have a precise understanding of your funding needs. You’ll want to be able to articulate exactly how much money your business needs, why, and how it will generate a return. A specific proposal, such as “$50,000 to upgrade our blueberry processing equipment, which should reduce pre-market spoilage by 15%” shows that you’re thinking strategically and with financial foresight.
Know Your Credit Score
Your credit profile is likely to be one of the first factors that a lender will review when considering extending a loan. Your personal credit scores will probably be scrutinized, with traditional banks often requiring a credit score for a business loan to be in the range of 680 or higher. Other lenders, like online banks, may be willing to look at slightly lower scores.
Because of this, it’s a good idea to review your reports before you apply in order to find any errors and have them corrected — and to be sure you understand your financial situation before you submit an application for a Maine small business loan.
Gather Your Key Documents
Handing in an application package that’s organized and complete can speed up the review process and signal to a potential lender that you’re a motivated, reliable borrower. While requirements will vary among lenders, you’re likely to be asked for some or all of the following:
• Credit report
• Income statement
• Bank statements
• Budget
• Income tax returns (both business and personal)
• Business plan
• Collateral valuation and supporting documents (which may include titles, deeds, or invoices)
Compare Lenders and Loan Offers
Shopping around for your Maine small business loans can go a long way toward helping you find the financing that best fits your business’s needs, since different lenders may offer very different options on term loans, for instance. It may also be helpful to compare options from multiple kinds of sources, including local community banks, large national institutions, and online lenders.
As you evaluate financing proposals, consider using a business loan calculator to help you estimate the monthly payments for different options. It’s also a good idea to look closely at the Annual Percentage Rate (APR) of each loan to understand its true cost.
Submit Your Application and Await Approval
Once you’ve filled out the application form and organized your supporting documentation, you’re ready to submit the application package. After your lender has it, you’ll need to wait for its response. This can take as little as two days in some cases, but may take several weeks in others.
Tips for Improving Your Loan Approval Chances
Lenders typically want to see evidence of your business’s stability as well as its ability to repay the loan. Taking steps to strengthen your business’s financial profile before you apply might help you increase your chances of securing a loan. Here are some steps to consider trying:
• Be sure that you’ve got a realistic business plan with detailed financial projections.
• Work to build your business and personal credit scores by paying down your current balances and making timely payments.
• If you have collateral available, consider offering it as security to potentially bolster your application’s chance for approval with certain Maine business loans.
Other Funding Options for Maine Small Businesses
If a traditional loan isn’t the best fit for your business right now, there may be other ways to fund it. Maine’s entrepreneurial ecosystem offers several alternative pathways to capital. One of these options may align better with your company’s specific stage of growth or industry.
Small business grants are often a highly sought-after option because they don’t require repayment. Maine’s Office of Business Development lists small business grants and initiatives, while the Maine Technology Institute (MTI) offers grants and loans to help innovative companies scale. You can also search national databases like Grants.gov for federal programs relevant to your industry.
Crowdfunding can be another viable route, allowing your business to raise smaller amounts of capital from a broad base of supporters online.
Additional Business Resources in Maine
Success in business generally requires more than just capital; it takes expert guidance and a supportive community. Fortunately, Maine has a robust network of resources designed to help small business owners navigate challenges. The Maine Small Business Development Center (Maine SBDC) is a prime resource, offering no-cost advising at locations across the state. And the Harold Alfond Institute for Business Innovation at Thomas College provides advice and assistance for startups.
For mentorship, local SCORE chapters connect entrepreneurs with experienced business leaders who volunteer their time. Additionally, the Maine Center for Entrepreneurs offers accelerator programs like “Top Gun” that let young businesses access mentors. Engaging with your local Chamber of Commerce can also provide valuable networking opportunities.
The Takeaway
Securing a Maine small business loan can be the decisive factor that allows your company to expand and thrive. By defining your goals and utilizing state resources, you should ultimately be able to find the right financing solution for your small business.
If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.
(without impacting your credit score)†
FAQ
How do I get a small business loan in Maine?
To apply for a Maine business loan, start by defining your funding needs and checking your credit scores. Gather essential documents like your business plan, tax returns, and bank statements as you prepare and submit your loan application. Finally, compare options from various lenders to find the best terms possible for your Maine small business loan.
Can I get a startup business loan with no money?
This can be challenging, since most lenders require an owner’s investment. However, some SBA microloans that are designed for startups have lower capital requirements. Another option is to research business grants, which provide funding that doesn’t have to be repaid.
How hard is it to get a small business loan in Maine?
The difficulty depends on your business’s financial health, time in operation, and credit history. Traditional bank loans can be competitive and strict. Online lenders often offer more flexible requirements, making them a more accessible option for many Maine businesses.
What is the easiest type of business loan to get approved for?
Loans secured by collateral, such as equipment financing, are generally easier to obtain because the asset lowers the lender’s risk. Short-term loans and invoice financing from online lenders may also have less stringent requirements.
What credit score do I need for a small business loan?
Requirements vary, but for traditional bank and SBA loans, a personal credit score of 680 or higher is often preferred. Some online lenders may approve applicants with scores in the low 600s. Keep in mind that higher scores can result in better approval odds and lower interest rates.
What can I use a Maine small business loan for?
You can use a small business loan for almost any legitimate business purpose. Common uses include purchasing inventory, buying equipment, funding marketing campaigns, or refinancing debt. You can’t use the loan for personal expenses, however.
Are there any small business grants available in Maine?
Yes, grants are available from a variety of sources. The Maine Office of Business Development lists state-level opportunities for small businesses. It could also be beneficial to search national databases like Grants.gov for federal programs relevant to your industry.
SoFi's marketplace is owned and operated by SoFi Lending Corp.
Advertising Disclosures: The preliminary options presented on this site are from lenders and providers that pay SoFi compensation for marketing their products and services. This affects whether a product or service is presented on this site. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider. See SoFi Lending Corp. licensing information below.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
*Small Business Loans: Reference to “same day funding” or “funding within 24 hours” describes a general capability of many lenders you can reach through SoFi’s marketplace. Funding or funding timing is not guaranteed. Your experience with any lender will vary based on requirements of the lender and the loan you apply for. To determine the timing of funds availability, you must inquire directly with any lender. In addition, your access to any funds from a loan may be dependent on your bank’s ability to clear a transfer and make funds available.
†Credit score impact: To check the options, terms, and/or rates you may qualify for, SoFi and/or its network providers will conduct a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the provider(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Rates may not be available from all providers.
©2025 SoFi Lending Corp. All rights reserved.
SoFi receives compensation in the event you obtain a loan, financial product, or service through SoFi’s marketplace. This webpage is owned and operated by SoFi Lending Corp., licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. ((www.nmlsconsumeraccess.org)). This page is NOT operated by SoFi Bank. Loans, financial products, and services may not be available in all states. All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown through SoFi’s marketplace are from providers and are estimates based upon the limited information you provided and are for informational purposes only. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. The actual loan terms you receive, including APR, will depend on the provider you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the providers and not by SoFi Lending Corp. Please review each provider’s Terms and Conditions for additional details.
SOSMB-Q425-065
More Small Business Financing Resources
Business loans don’t have to be complicated. Get clear answers on applications, learn what providers really look for, and understand popular loan options.
Search for small business funding in minutes.
Your time matters. So we’re making business loans as easy as possible by helping you find small business funding fast.
(without impacting your credit score)†
Small Business Loans in Louisiana
Learn All About Small Business Loans in Louisiana
There are more than 511,000 small businesses in Louisiana, which account for approximately 99.5% of all enterprises in the state. From the seafood processors along the Gulf Coast to the energy support firms in the Bayou Region, these companies employ over half of the state’s private workforce.
Whether you are launching a tourism venture in New Orleans or expanding an agricultural operation in the northern parishes, finding small business loans in Louisiana can be a key step. Here’s what you need to know about securing financing for your company.
- Key Points
- • The State Small Business Credit Initiative (SSBCI) offers a Micro Lending Program (MLP) that provides direct loans up to $100,000 for smaller financing needs.
- • Louisiana’s Collateral Support Program (CSP) helps businesses secure financing by pledging cash deposits to cover companies’ collateral shortfalls with lenders.
- • The Small and Emerging Business Development (SEBD) program offers managerial and technical assistance to certified small businesses.
- • The Hudson Initiative certification helps small businesses gain greater access to state purchasing and contracting opportunities.
- • Agricultural producers and seafood businesses can rely on equipment financing to maintain their vessels and heavy machinery.
Popular Types of Small Business Loans in Louisiana
Entrepreneurs in the Pelican State can benefit from a unique mix of state-sponsored support and private lending options tailored to key local industries. The sections below describe the most common funding options available to business owners in Louisiana.
Louisiana Small Business Loan Programs
The state actively fosters economic growth through Louisiana Economic Development (LED). LED manages the State Small Business Credit Initiative (SSBCI), which includes the Micro Lending Program, providing loans of up to $100,000 for businesses needing smaller amounts of capital. And Louisiana’s Collateral Support Program (CSP) pledges cash deposits to help cover companies’ collateral shortfalls so they can secure loans. And Louisiana’s Collateral Support Program (CSP) pledges cash deposits to help cover companies’ collateral shortfalls so they can secure loans. Additionally, the Small Business Loan Guaranty Program provides guarantees to banks, allowing them to lend to businesses that might not otherwise qualify for traditional financing.
Term Loans
A term loan can provide a small business with an upfront lump sum of capital. The principal, along with interest (which is usually charged at a fixed rate), is then repaid in regular payments over a defined period of time. A predictable repayment structure can be useful as you prepare monthly budgets, and because the funds come in a lump sum, these loans can be well-suited to funding large, one-time investments. For example, a restaurant in Baton Rouge might use a term loan to renovate its dining room.
Business Lines of Credit
In contrast to a term loan, a business line of credit can give you access to a pool of funds that you can draw from as you need, up to a predetermined limit. You pay interest only on the money you actually withdraw, and as you repay the balance, you replenish the pool of funds and the money is generally available for withdrawal again.
Lines of credit can be helpful for businesses that have seasonal lulls or uneven cash flow. For example, a festival vendor in Lafayette could use a line of credit to purchase inventory ahead of Mardi Gras.
Equipment Financing
If your business is in need of a specific physical asset, like machinery, vehicles, or technology, you might consider applying for equipment financing. A shrimper in Houma could use this to finance a new boat engine, while a chemical manufacturer in Lake Charles might use it to acquire specialized safety gear.
Because the equipment itself serves as collateral for the lender, equipment financing loans can be easier to obtain than unsecured loans. Additionally, they may often come with more favorable terms.
SBA Loans
Private lenders are the actual issuers of SBA loans, but this financing is partially guaranteed by the U.S. Small Business Administration. That federal backing reduces the lender’s risk, so the loan conditions may allow lower down payments and longer repayment terms. If you qualify, these Louisiana business loans are available through many banks and credit unions.
Below are the types of SBA loans that may be the most useful for small businesses.
• The SBA 7(a) loan is very flexible: Amounts can range from $500 to $5 million. It’s suitable for covering working capital, refinancing debt, or purchasing supplies.
• The SBA 504 loan is specifically meant for companies to use on major fixed assets, such as commercial real estate or heavy equipment. The maximum amount is between $5 million and $5.5 million.
• The SBA Microloan is meant to help with short-term needs and can be useful to companies that need startup loans. You can borrow up to $50,000 and the maximum repayment term is seven years.
Using an SBA loan calculator may help you estimate what your loan costs might be for different kinds of SBA funding.
Recommended: Small Business Financing Guide
How to Apply for a Small Business Loan in Louisiana
Applying for a Louisiana small business loan requires preparation and attention to detail. You’ll need to provide prospective lenders with a clear picture of your company’s financial health and a well-developed plan for how their funds would be used.
Here’s a step-by-step breakdown of how to apply for a small business loan in Louisiana.
Define Your Loan Purpose and Amount
Before you begin contacting prospective lenders, it’s a good idea to have a precise understanding of your funding needs so that you can articulate exactly how much money your company needs and how it will generate a return. A specific proposal, such as “$50,000 to upgrade our cold storage facilities, which should prevent 35% of spoilage loss” demonstrates to lenders that you’re thinking strategically about your finances.
Know Your Credit Score
When reviewing your Louisiana business loan application, prospective lenders will usually pay particular attention to your company’s credit profile. They’ll probably scrutinize your personal credit scores, too: Traditional banks often require a credit score for a business loan in the range of 680 or higher. Other lenders, like online banks, may be willing to look at slightly lower scores.
Because of your scores’ importance, it’s smart to review your credit reports before you apply so that you can find any errors and have them fixed — and be sure you fully understand your financial situation before you submit your application for a Louisiana small business loan.
Gather Your Key Documents
Submitting an application package that’s organized and complete can speed up the review process and show a potential lender that you’re reliable and motivated. While requirements vary by lender, you should usually be ready to provide the following:
• Credit report
• Income statement
• Bank statements
• Budget
• Income tax returns (both business and personal)
• Business plan
• Collateral valuation and supporting documents (which may include titles, deeds, or invoices)
Compare Lenders and Loan Offers
When you’re looking at Louisiana small business loans, shopping around can help you find the financing that best suits your needs, since different banks may offer very different options on term loans, for instance. It may also be beneficial to compare options from multiple kinds of sources, including small local banks, large national institutions, and online lenders.
As you consider financing proposals, it can be helpful to use a business loan calculator to estimate the monthly payments for different options. It’s also a good idea to look closely at the Annual Percentage Rate (APR) of each loan to understand its true cost.
Submit Your Application and Await Approval
After you’ve filled out the loan application form and gathered your supporting documentation, you should be ready to submit the application package. Once that’s done, you’ll need to wait for the lender’s response. This can take as little as two days in some cases, but may require several weeks in others.
Tips for Improving Your Loan Approval Chances
Lenders generally want to see evidence of your business’s stability as well as its ability to repay the loan. Taking steps to strengthen your business’s financial profile before you apply might help you increase your chances of securing a loan. Here are some steps to think about trying:
• Ensure that you have a realistic business plan with detailed financial projections.
• Work to build your business and personal credit scores by paying down your current balances and making timely payments.
• If you have collateral available, consider offering it as security to potentially bolster your application’s chance for approval with certain Louisiana business loans.
Other Funding Options for Louisiana Small Businesses
If a traditional loan isn’t the right fit for your funding needs, there are other possible ways to fund your business. Louisiana’s entrepreneurial ecosystem offers several alternative paths to obtain capital. One of these options may align better with your business’s specific stage of growth or industry.
Small business grants are generally a highly sought-after option because they don’t require repayment. The State Trade Expansion Program (STEP), for instance, provides reimbursements for eligible companies that are selling to foreign markets. You can also search national databases like Grants.gov for federal programs relevant to your industry.
Crowdfunding may be another viable route, allowing your business to raise smaller amounts of capital online from a broad base of supporters.
Additional Business Resources in Louisiana
Success in business often takes more than just capital. It requires expert guidance and a supportive community. Louisiana has a robust network of resources designed to help small business owners navigate challenges. The Louisiana Small Business Development Center (LSBDC) is a significant resource, offering no-cost advising at locations across the state. And Louisiana’s Hudson Initiative can help small businesses gain greater access to state purchasing and contracting opportunities.
In terms of mentorship, local SCORE chapters connect entrepreneurs with experienced business leaders who volunteer their time. Additionally, the Small and Emerging Business Development (SEBD) program provides managerial and technical assistance to certified small businesses. Engaging with your local Chamber of Commerce may also provide valuable networking opportunities.
The Takeaway
Securing a Louisiana small business loan can be the factor that allows your company to expand and thrive. While the process involves careful planning, it’s an important step in your company’s development. By defining your goals and utilizing state resources, you should ultimately be able to find the right financing solution for your business.
If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.
(without impacting your credit score)†
FAQ
How do I get a small business loan in Louisiana?
To apply for a Louisiana business loan, start by defining your funding needs and checking your credit scores. Gathering essential documents like your business plan, tax returns, and bank statements will help you prepare your loan application for submission. Finally, compare options from various lenders to find the best terms you can get for your Louisiana small business loan.
Can I get a startup business loan with no money?
This can be challenging, since most lenders require an owner’s investment. However, some SBA microloans that are designed for startups have lower capital requirements. Another possibility is to look for business grants, which provide funding that doesn’t generally need to be repaid.
How hard is it to get a small business loan in Louisiana?
The degree of difficulty generally depends on factors such as your business’s financial health, time in operation, and credit history. Traditional bank loans can have rigorous qualifications. Online lenders often offer more flexible requirements, making them a more accessible option for many Louisiana businesses.
What is the easiest type of business loan to get approved for?
Loans secured by collateral, such as equipment financing, are generally easier to obtain because the asset lowers the lender’s risk. Short-term loans and invoice financing from online lenders also typically have less stringent requirements.
What credit score do I need for a small business loan?
Requirements vary, but for traditional bank and SBA loans, a personal credit score of 680 or higher is often preferred. However, some online lenders may be willing to approve applicants with scores in the low 600s. Bear in mind that higher scores can result in better approval odds and lower interest rates.
What can I use a Louisiana small business loan for?
You can use a small business loan for almost any legitimate business purpose. Common uses include buying equipment, purchasing inventory, funding marketing campaigns, or refinancing debt. However, you can’t spend small business loans on personal expenses.
Are there any small business grants available in Louisiana?
Yes, grants may be available from a variety of sources. The Louisiana Economic Development (LED) site can be a resource for finding state-level opportunities like the STEP grants. You can also search national databases such as Grants.gov for federal programs relevant to your industry.
SoFi's marketplace is owned and operated by SoFi Lending Corp.
Advertising Disclosures: The preliminary options presented on this site are from lenders and providers that pay SoFi compensation for marketing their products and services. This affects whether a product or service is presented on this site. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider. See SoFi Lending Corp. licensing information below.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
*Small Business Loans: Reference to “same day funding” or “funding within 24 hours” describes a general capability of many lenders you can reach through SoFi’s marketplace. Funding or funding timing is not guaranteed. Your experience with any lender will vary based on requirements of the lender and the loan you apply for. To determine the timing of funds availability, you must inquire directly with any lender. In addition, your access to any funds from a loan may be dependent on your bank’s ability to clear a transfer and make funds available.
†Credit score impact: To check the options, terms, and/or rates you may qualify for, SoFi and/or its network providers will conduct a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the provider(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Rates may not be available from all providers.
©2025 SoFi Lending Corp. All rights reserved.
SoFi receives compensation in the event you obtain a loan, financial product, or service through SoFi’s marketplace. This webpage is owned and operated by SoFi Lending Corp., licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. ((www.nmlsconsumeraccess.org)). This page is NOT operated by SoFi Bank. Loans, financial products, and services may not be available in all states. All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown through SoFi’s marketplace are from providers and are estimates based upon the limited information you provided and are for informational purposes only. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. The actual loan terms you receive, including APR, will depend on the provider you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the providers and not by SoFi Lending Corp. Please review each provider’s Terms and Conditions for additional details.
SOSMB-Q425-064
More Small Business Financing Resources
Business loans don’t have to be complicated. Get clear answers on applications, learn what providers really look for, and understand popular loan options.
Search for small business funding in minutes.
Your time matters. So we’re making business loans as easy as possible by helping you find small business funding fast.
(without impacting your credit score)†
5 Things to Do If You Don’t Have a Steady Paycheck
This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.
Navigating life with an income that fluctuates is tricky — even if it ebbs and flows with some predictability during certain times of year or when the tourists come to town.
You teach and have to cobble together odd jobs during the summer. Or you work in a field with peak seasons, like landscaping in the spring or retail during the holidays. Maybe you’re a freelancer dependent on your clients’ fortunes or a realtor who works on commission. Perhaps you’ve lost a job — or two or three — since the pandemic upended so much of what we took for granted.
No matter the reason for it, it’s quite common to lack a steady paycheck. In 2024, 29% of U.S. adults had income that varied at least occasionally from month to month, including 59% of the self-employed and 41% of those doing gig work, according to the Federal Reserve’s latest Survey of Household Economics and Decisionmaking.
An irregular income requires extra discipline and planning. But there are ways to make it work. Here are five things to do to maximize the ups and downs.
1. Establish a buffer account to smooth out your income. Estimate the total cost of your basic monthly living — rent or mortgage, utilities, food, car payment, gas, etc. — with a free budgeting app (we prefer SoFi Relay). Whenever you earn more than you need to cover that baseline amount, set the extra aside in a buffer account to help cover leaner months.
Once you’ve been able to maintain a decent buffer for several months, consider increasing the baseline number to include a fixed contribution toward college, retirement or other financial goals as well as a realistic budget for nice-to-haves.
2. Scale your spending. Spending less when you’re earning less may sound obvious, but what about spending more when you’re earning more? Scaling your budget down and up isn’t just about lifestyle decisions like whether to eat out. It can be more extensive – if you plan properly.
• Make a list of expenses you can hold off on when your income is low, like home maintenance, non-urgent doctor’s appointments, or car repairs. Leave them for when you have a higher-earning month.
• Buy non-perishable supplies in bulk amounts during higher-earning months. You can take advantage of bulk prices and have enough to last you through the leaner months.
• Put a bonus or big commission into your retirement account so you won’t worry about not contributing when money is tighter.
3. Revisit your W-4 and automated contributions frequently. Automation can be useful in many situations, but not when your income is changing a lot.
• If you have at least one job where taxes are withheld from your paycheck, make sure to keep your W-4 updated by using the IRS’s Tax Withholding Estimator. Adding or losing a job can skew the amount that’s withheld, reducing your paychecks unnecessarily or setting you up for a big tax bill.
• Adjust any automatic contributions up or down as needed (or make them manually instead.) This would include contributions to retirement accounts, college savings accounts, investment apps, high-yield savings accounts, Health Savings Accounts or Flexible Spending Accounts.
4. Consider government assistance. You don’t have to have a chronically low income to qualify for financial assistance. Eligibility is often based on your recent income, so an employment gap or dry spell could qualify you. The key is not to assume anything. Even if you’re still employed, own a home or have a retirement account, check the rules in your state for:
• Unemployment insurance
• SNAP (groceries)
• Fuel assistance
• Medicaid (insurance)
• Other forms of financial aid (like IRS Free File, YMCA memberships, or Amazon Prime subscriptions.)
Extra help could be a lifeline — even if it’s just for a few months or on and off when you’re having a rough patch.
5. Hit ‘pause.’ You probably have memberships or subscriptions that are not essential – especially when money is tight. But you don’t have to get rid of them altogether. Whether it’s news, a streaming service, or a meditation app, avoid the hassle of cancelling and signing up again by pausing or freezing your subscription. If the pause is temporary, make sure to mark the resumption date down on your calendar.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
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