Small Business Loans in New Hampshire
Business Loans for Companies in New Hampshire
The state of New Hampshire's economy is built on the backbone of small and medium-sized businesses. The agriculture and manufacturing industries have been at the forefront of the local economy for decades. Over time the economy has greatly benefited from the economic expansion in the metropolitan Boston area.
As the local economy strengthens, SMB Compass continues to help provide financial assistance to various industries throughout New Hampshire.
We have seen sizeable growth in the health care, manufacturing, construction, and hospitality industries, making small business financing an essential resource in New Hampshire. Financing helps businesses thrive and improve New Hampshire's economy. SMB Compass provides SBA loans, equipment financing, bridge loans, lines of credit, and asset-based loans throughout New Hampshire.
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Manufacturing Loans in New Hampshire
The manufacturing industry has always played a vital part in New Hampshire's economic growth. It accounts for over 10% percent of the state's output. New Hampshire exports billions of dollars a year in products. These manufacturing companies commonly deal with cash flow issues. Cash flow is the main issue that all manufacturing companies face. Business loans help to cover overhead fees and inventory complications. This allows businesses to purchase materials and new equipment. By freeing up working capital, companies can continue to take on new orders and grow the business.
Construction Financing New Hampshire
The economy has improved with exceptional growth in the insurance and real estate industry in recent years. There are many operational costs for these small businesses, and small business loans help to cover these expenditures so you can grow your business.
The construction industry is beginning to see significant demand in New Hampshire. Construction financing allows contractors to purchase new materials and equipment. The construction industry is notorious for long payment terms. Business loans enable contractors to bridge the gap of outstanding payments and keep operations running smoothly.
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Hospitality Financing in New Hampshire
Tourism will always play an important role in the economy in a scenic state that attracts tourists with adventures and beautiful vacations. Business owners use loans to deal with the seasonality that comes with tourist destinations. It helps bridge the gap for businesses during the slow seasons. The hospitality industry utilizes small business loans to cover added expenses and payroll.
SMB Compass specializes in small to medium size businesses throughout New Hampshire, providing financing to business owners in various industries throughout the state. There is a significant need for equipment financing and invoice factoring in New Hampshire. SMB Compass provides financing programs in New Hampshire that range from $25,000 up to $100 million.
Schedule a call with a lending advisor today to learn more about your loan options and other financial resources in New Hampshire.
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Small Business Loans in New Hampshire
A business line of credit is an indispensable financing option for those looking for flexible funding. Lenders give you a credit limit which you can withdraw as needed. It works like a credit card, so you only have to repay the money you've withdrawn plus the interest. Your credit limit goes back up once you've paid your dues, and you can use it again without reapplying.
The Small Business Administration offers low-interest loans with long repayment terms, and high loan amounts to small businesses. The most popular loan program includes 7(a), 504/CDC, and microloans.
An asset-based loan uses valuable collateral to secure a loan rather than credit and cash flow. You can use your accounts receivable, inventory, machinery and equipment, intellectual property, marketable securities, purchase orders, and commercial real estate as collateral. Remember that the more liquid your assets are, the higher your loan amount is.
Invoice financing allows you to use unpaid invoices as collateral in exchange for immediate capital. Lenders usually advance 80% to 90% of the total invoice value, which you can use for any business purpose. Once your customers pay the lender their dues, you'll receive the remainder of the percentage minus a small transaction fee.
A business term loan is the classic term loan that gives you a lump sum of money upfront that needs to be repaid in fixed installments plus interest. The repayment terms depend on the lender, but it's often a weekly, bimonthly, or monthly basis.
Equipment financing gives you the resources to buy or lease equipment and machinery, including vehicles, heavy equipment, furniture and fixtures, and other tools. Industries like medical, construction, agriculture, and hotels benefit the most from equipment financing.
Purchase order financing uses purchase orders to receive funding to meet large purchase orders. The PO financing company (lender) pays your suppliers directly so they can manufacture and deliver the goods. Once dispatched, your customers will pay the lender, and you'll receive the remainder of the payment minus a fee.
How to Use Small Business Loans New Hampshire
Other Resources for New Hampshire Small Businesses
Acquire a small business loan
Refinance existing loans and credit card debt
Purchase or refinance commercial real estate
Buy or lease machinery and equipment
Purchase inventory and raw materials
Improve cash flow
Marketing and advertising campaigns
Upgrade technology and business software
Renovate existing office space
Day-to-day operating costs
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