Small Business Loans
Learn All About Small Business Loans in New Hampshire
New Hampshire is home to more than 145,000 small businesses, which account for 99% of all enterprises in the state. From the tourism-driven economy of the White Mountains to the high-tech manufacturing hubs in the Merrimack Valley, these companies employ roughly half of the state’s private workforce.
Whether you are launching a maple syrup operation in the North Country or expanding a software firm in Manchester, finding small business loans in New Hampshire could be vital to the success of your business. Here is what you need to know about securing financing for your company.
- Key Points
- • The New Hampshire Business Finance Authority’s Capital Access Program offers a 100% loan guarantee up to $500,000 to help lenders fund higher-risk borrowers.
- • Common New Hampshire small business loans include term loans, business lines of credit, and equipment financing.
- • SBA loans are another option for business owners. Backed by the SBA, they can help borrowers access lower rates, longer terms, and more flexible financing.
- • New Hampshire business owners can shop and compare offers in order to possibly secure more competitive rates and favorable repayment terms.
- • Alternatives to small business loans include business grants and crowdfunding.
Popular Types of Small Business Loans in New Hampshire
Here are the most common small business loans and funding options to business owners across New Hampshire.
New Hampshire Small Business Loan Programs
The state fosters economic development through the New Hampshire Business Finance Authority (BFA). The BFA administers the Capital Access Program, which helps small businesses secure bank financing by placing a cash reserve account with the lender to cover potential losses.
Additionally, the Temporary Loan Program offers direct state loans of up to $2 million to help viable businesses navigate short-term cash flow challenges when traditional credit is temporarily unavailable.
Term Loans
A small business term loan provides a lump sum of capital that is repaid over a specific period with regular, fixed payments. Term loans may be ideal for financing large, one-time investments where costs can be predictable. For example, a ski resort in Bartlett might use a term loan to install new snowmaking infrastructure.
Business Lines of Credit
A business line of credit is similar to a credit card in that you get access to a revolving pool of funds that you can draw from as needed. You only pay interest on the money you actually use, and as you repay the balance, your credit becomes available again. A landscaping company in Concord could use a line of credit to purchase materials in the spring before client payments arrive.
Equipment Financing
Equipment financing is a loan specifically designed to purchase physical assets, such as machinery, vehicles, or technology. Because the equipment itself serves as collateral, these loans are often easier to qualify for than traditional business loans that are not backed by collateral.
SBA Loans
SBA loans are offered by banks and other private lenders but are partially guaranteed by the U.S. Small Business Administration, which lowers lender risk and often results in more favorable terms like lower down payments and longer repayment periods. Widely available through approved banks and credit unions in New Hampshire, the most common options include the flexible SBA 7(a) loan for working capital or refinancing and the SBA 504 loan for major fixed assets such as commercial real estate or heavy equipment.
Recommended: 15 Types of Business Loans to Consider
How to Apply for a Small Business Loan in New Hampshire
Applying for a New Hampshire small business loan requires preparation and attention to detail. Lenders want to see a clear picture of your financial health and a well-thought-out plan for how their funds will be used. By organizing your documents in advance, you can present a professional application that stands out during the underwriting process.
Here’s how to prepare yourself to apply for a small business loan:
Define Your Loan Purpose and Amount
It’s a good idea to have a loan amount in mind before contacting lenders. Lenders typically want to know exactly how much money is needed and how it will generate a return. A specific proposal, such as “$50,000 to expand our cider bottling line,” demonstrates strategic thinking and financial discipline.
Know Your Credit Score
Lenders may review both your personal and business credit scores. Traditional banks often look for personal scores of 680 or higher. Check your reports beforehand to identify any errors and understand where you stand before submitting an application.
Gather Your Key Documents
Business loan requirements vary by lender, but you should generally be prepared to provide a detailed business plan. You will also need personal and business tax returns for the last two to three years, along with recent bank statements, at a minimum.
Compare Lenders and Loan Offers
You don’t have to go with the first offer you receive. Shopping around can help you find the financing that best fits your needs. Compare offers from multiple sources and look closely at the annual percentage rate (APR) to understand the true cost of the loan.
Submit Your Application and Await Approval
Once you’ve chosen a lender and compiled all necessary documents, you can submit your small business loan application either online or in person. The lender will then review your financials, your creditworthiness, and your overall risk. You will then be informed of approval, denial, or any additional information needed to finalize the process.
Recommended: Small Business Financing Guide
Tips for Improving Your Loan Approval Chances
Improving your chances of being approved for a small business loan starts with preparation and a clear understanding of what lenders look for. By strengthening your financial profile and presenting a well-organized application, you can position your business as a lower-risk, more attractive borrower.
• Clarify your loan purpose: As stated above, clearly explaining how much funding you need and exactly how it will be used to support revenue, efficiency, or growth can show strategic planning and responsible borrowing.
• Know and improve your credit score: You can work to build your credit by reviewing your credit reports, correcting errors, and paying down debt.
• Prepare a strong business plan: A detailed business plan can demonstrate how the loan fits into your long-term strategy and how you plan to repay it. This reassures lenders that your business is financially viable.
• Offer collateral when possible: Providing assets as security can reduce lender risk and increase your chances of approval. Collateral may also help you qualify for larger loan amounts or better interest rates.
Other Funding Options for New Hampshire Small Businesses
If a traditional small business loan isn’t the right fit, New Hampshire entrepreneurs may have several alternative funding options to consider.
Business grants are especially appealing because they do not need to be repaid and can provide critical capital without increasing debt. State and federal grant programs, along with grants targeted to specific industries or minority- and women-owned businesses, can help support growth, innovation, and job creation.
Crowdfunding is another popular option, allowing business owners to raise funds from a large number of supporters online in exchange for products, perks, or equity, depending on the platform.
Additional alternatives include microloans from community lenders, which offer smaller loan amounts with flexible terms, and revenue-based financing, where repayments adjust based on business income. These options can be especially useful for startups or businesses that may not qualify for traditional bank financing.
Additional Business Resources in New Hampshire
Success in business often requires guidance and community. New Hampshire has a robust network of resources designed to help small business owners navigate challenges. The NH Small Business Development Center (NH SBDC) is a premier resource, offering no-cost advising and educational programs at locations statewide.
For mentorship, local SCORE chapters connect entrepreneurs with experienced business leaders who volunteer their time. Additionally, the Center for Women & Enterprise (CWE) provides specialized training and networking for women business owners. Engaging with your local Chamber of Commerce can also provide valuable networking opportunities.
The Takeaway
Securing a New Hampshire small business loan may help your company expand. While the process involves careful planning, it can be an achievable step for any focused entrepreneur. By defining your goals and utilizing state resources, you can find the right financing solution.
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.
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FAQ
How do I get a small business loan in New Hampshire?
To get a small business loan in New Hampshire, start by defining your funding needs and reviewing your credit profile. Gather key documents like tax returns and a business plan, then compare banks, credit unions, SBA lenders, and online lenders to find the best terms before submitting your application.
Can I get a startup business loan with no money?
Yes, it’s possible, but it can be challenging. Startup loans with no money down usually require strong credit, a solid business plan, or alternative support like SBA-backed loans, grants, crowdfunding, or personal guarantees. Many lenders still expect some owner investment to show commitment and reduce risk.
How hard is it to get a small business loan in New Hampshire?
Getting a small business loan in New Hampshire can range from fairly manageable to challenging, depending on your financial profile. Established businesses with strong credit, steady revenue, and organized documentation typically have an easier time, while startups or borrowers with limited credit history may face stricter requirements or need to explore alternative lenders or state-backed programs.
What is the easiest type of business loan to get approved for?
Loans secured by tangible assets, such as equipment financing or commercial vehicle loans, are generally the easiest to obtain because the collateral reduces the lender’s risk. Additionally, the Capital Access Program (CAP) is designed to be “lender-friendly” and quick, making it a smoother path for small loans (under $500,000) that are slightly riskier than standard bank loans.
What credit score do I need for a small business loan?
For a conventional term loan from a bank or credit union, a personal credit score of 680 or higher is typically expected. However, if you are working with an online lender, you may be able to qualify with a score in the low 600s if you have a strong business plan and cash flow.
What can I use a New Hampshire small business loan for?
You can use financing for almost any legitimate business expense, including working capital, inventory purchases, equipment upgrades, or real estate acquisition.
Are there any small business grants available in New Hampshire?
Yes, there are small business grants available in New Hampshire. The state and federal programs offer funding that doesn’t need to be repaid, including grants targeted at specific industries, underserved communities, and economic development goals. Local nonprofits and business support organizations also provide competitive grant opportunities for eligible entrepreneurs.
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