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How to Get a Small Business Loan in New Hampshire
January 22, 2022
How to Get a Small Business Loan in New Hampshire

How to Get a Small Business Loan in New Hampshire

According to the latest figures from the Small Business Administration (SBA), there are 136, 535 small businesses in New Hampshire. These businesses employ over 300,000 workers and make up 49.8% of the total workforce in the state. The top industries for New Hampshire small businesses include health care, accommodation and food services, retail trade, manufacturing, and construction.

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.

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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 SBDCThis 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.

Conclusion: Research and Consider New Hampshire Business Loans

To start or grow your business in New Hampshire, you’ll need access to additional working capital. Once you receive financing, you can invest in your business’s future.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].