Every small business plays a key role in supporting our local community and driving our local economy. That’s why at Northern Bank, we want to do all we can to help your small business succeed and grow. One way we do this is by offering you small business loans backed by the U.S. Small Business Administration (SBA).
If you have established credit, a Northern Bank SBA loan can give you a leg up on your competition and help you reinvest in your business. By offering low interest rates, your SBA funds go directly towards your business goals and there’s a variety of other exclusive features that give you distinct advantages.
We have worked with thousands of entrepreneurs over the years in all kinds of businesses, so we understand all business models. We’re here to listen to your needs and goals and find the best lending solution for your business.
With SBA loans, only 10% equity is required by statute vs. other loan options which usually require around 20-25%.
SBA loans provide longer amortization, 10 year terms with 10 year amortization which allows you to stretch out your payments and takes the pressure off your cash flow. Most traditional loans offer only 5 year amortization.
Loans from $25,000 - $5 million
Loans from $65,000 - $13 million
Northern Bank is proud to offer SBA-backed loan programs for honorably discharged veterans, active national guard/reservists, active duty personnel eligible for transition assistance, current military spouses and widows/widowers of those killed in service.** These loans make it easier for veterans to qualify for and repay business loans.
Work with a loan officer who is a veteran, too.
Justin Thomas served for more than seven years in the U.S. Army Reserve and is currently a Staff Officer in the Massachusetts National Guard. He is ready to answer any questions you may have and to assist you through the loan process, from application to decision. Justin is authorized to assist SBA loan candidates in any U.S. state or territory.
All loans are subject to credit approval.
**For more details visit SBA.gov/Veterans
We were anticipating that it would be really difficult to get an SBA loan. But Justin, our contact at Northern Bank said he had taken a special interest in us and our business. Much to our surprise, the process went fairly smoothly and quickly.
Contact our Team to learn more about how Northern Bank can help you realize your goals and dreams.