How to Obtain a Business Loan

MORE INFORMATION ABOUT OUR LOANS

  • Loan amounts up to $300,000 (you can apply online for amounts up to $50,000)
  • Fixed and variable rate loans and lines of credit
  • Loan terms up to 10 years and extended interest only payment periods
  • Loan payments can be structured to accommodate seasonal fluctuations in business income
  • Business is located in our geographic area (Berkshire, Franklin, Hampshire and Hampden counties)
  • Financing can be used for working capital, inventory, supplies, equipment, business start-up, business acquisition or expansion, business debt refinancing, and leasehold improvements or real estate if related to the business activity.

HOW DO I KNOW IF I AM READY TO APPLY?

You should be able to answer “yes” to the following questions and have the associated documents described below:

  • Can you describe, in detail, your products and services, sales and marketing, and financial goals?  A business plan or business background on your company will encompass these topics and may be required.  If you need assistance with preparing a business plan, please click here.
  • Do you know why you need a loan and how you will use the funds?  Create a list of loan uses and describe how they will help your business grow.
  • Do you keep up-to-date with your business and personal finances by tracking your income and expenses? Historical financial statements and/or three years of projected financial statements and cash flows may be required with your loan application.
  • Are you able to offer collateral to secure the loan (equipment, inventory, business or personal property)?

HOW LONG DOES IT TAKE TO GET A BUSINESS LOAN?

Once we have a fully completed application package, it can take 4-6 weeks from loan underwriting to closing of the loan. 

HOW DO I APPLY FOR A LOAN?

Option 1:

If you are seeking a loan of $50,000 or less, you may apply online through a service provided by Accion, a business partner.

To get started, click on the phrase below that best describes your business.

 My business has been in operation for over two years

 I am a startup business or have been in business for less than two years

Option 2:

For all other loan inquiries, click here to get started. You will then be contacted by Kimberly Gaughan, our Loan Administrator.

Option 3:

Common Capital has partnered with the Samuel Adams Brewing the American Dream Program in order to address the unique barriers that often stand in the way of success for small food, beverage, brewery and hospitality businesses. The program provides access to capital, business and financial know-how and a network of peers and mentors who can provide support and advice. Income limits apply and maximum loan size is $25,000. For more information, click here.

 

 

 

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