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Small Business Loans in New Hampshire (2021 Update)

Simple Steps To Start A Small Business

Many people have a passion for something in their lives and would love to turn that passion into an income-generating career. In order to do so, individuals can follow some simple steps to make their dream a reality.Small Business Loans in New Hampshire

First, entrepreneurs should put together a business plan. Many books, online resources and professionals can help new businesses start up and run smoothly. Depending on the background and experience of the individual, business training may be warranted as well.

Once an entrepreneur has selected a location and worked out details like zoning, tax reporting and legal structure, financing can be a critical piece of starting a new business. Although venture capital, research grants and private investors may be options, most small business owners will need to take out a small business loan.

According to the Nerd Wallet site, just over two small businesses exist for every 100 people in the state of New Hampshire. The average amount of a typical SBA guaranteed loan is about $137,000 with 52 of these loans given for every 100,000 people in the state.

Besides securing SBA loans, entrepreneurs can check with national lenders such as the Lending Tree and National Funding or with the local branches of banks and credit unions for additional information.

Once entrepreneurs have secured adequate finances, they might want to turn to their local Small Business Association for support and assistance.

Keri Fernald, a psychotherapist in New Hampshire, started a small business incorporating psychotherapy with expressive arts. She worked with the Seacoast Region office of the state's small business association.

Although Fernald understood how to treat patients, she had limited knowledge on how to run a business. The regional director of the SBA was instrumental in helping Fernald establish and meet the challenges of the administrative and business side of her new company. By taking advantage of local resources, she was able to learn about things like cash flow and income projections and is now planning to expand her organization.

Banks in New Hampshire That Offer Small Business Loans

Below are the top banks in the state for small business loans:

Centrix Bank and Trust

Centrix Bank and Trust was founded in 1998 in Bedford, New Hampshire. It has a very diversified loan portfolio which includes SBA 504 loans, term loans, and acquisition and development loans.

Woodsville Guaranty Savings Bank

Founded in 1889 in Woodsville, New Hampshire, the top executives of Woodsville Guaranty Savings Bank are mostly women, something that’s not usually seen in the banking industry.

First Colebrook Bancorp, Inc.

First Colebrook Bancorp, Inc. was established in 1889 in its current headquarters in Colebrook, New Hampshire.

Lake Sunapee Bank FSB

One of the oldest banks in the state, Lake Sunapee Bank FSB has been around since 1868. However, just last year, it was acquired by Bar Harbor Bank and Trust Company.

Merimack County Savings Bank

Established in 1867 in Concord, New Hampshire, Merimack County Savings Bank has a diversified list of services that it offers to Merimack County and surrounding areas.

Northway Bank

Based in Berlin, New Hampshire, Northway Bank first opened in 1934. It specializes in small business banking services which include SBA loans, savings and checking accounts, and home equity loans.

Top Cities in New Hampshire and Their Lenders

New Hampshire is one of the smallest states in the country – the region is home to just over one million people. New Hampshire’s economy used to be largely based around manufacturing, but declines in the American manufacturing industries forced the local economy to change. Agriculture and energy are now the state’s biggest industries. If you’re looking to start a new business in the state, you’ll want to choose a city that can cater to your industry. There are only a few cities large enough to justify a new business – you’ll want to choose the right one for your industry.

This portion of our article will take a look at the top business cities in the state of New Hampshire. We also provide our readers with suggestions on which lenders to use for financing in each city.

New Hampshire Community Loan Fund

The New Hampshire Community Loan Fund is a fund of investors that aims to provide business owners with financing to grow their businesses. They’re a good choice if you’re looking for alternative startup funding. They provide services throughout the state. One of their main requirements is that you have to show one year of tax filing before you are considered for a loan.

Manchester, New Hampshire

Manchester is the largest city in the state of New Hampshire. It’s been recognized by a number of publications as one of the best places to start a new business. The local economy is diverse and friendly to entrepreneurs. If you’re thinking of starting a business in Manchester, consider the small business lenders below:


DCU is a small, regional bank that offers loans and banking services to small business owners throughout New Hampshire. They have a large presence in the Manchester region. They’re our favorite lender in the city because they also provide full-service business banking services. They’re a great place to borrow money from if you want to keep all your finances centrally located.

Nashua, New Hampshire

Nashua is another great place to start a small business in New Hampshire. The area is home to some of the state’s most famous technical businesses. There are plenty of different commercial zones that cater to different industries. If you’re interested in starting a new business in New Hampshire, this should be one of your top destinations. Below are our favorite lenders in the area:

Triangle Credit Union

Triangle Credit Union is our top pick in the Nashua region. They’re a lender with a local presence that offers some of the best lending rates in the area. They can provide you with traditional term loans, as well as business lines of credit.

Enterprise Bank

Enterprise Bank recently opened a branch in the Nashua region. They’re a great choice for those who want full-service banking along with their lending. They have commercial loan officers located in their branches that you can go and speak with regarding financing. They can help you develop a funding plan for your business.

Derry, New Hampshire

Derry is a retail hotspot in the state of New Hampshire. If you’re looking to start a new retail business in an affordable area, Derry is one of our top picks. Below is our favorite lender in the Derry area:

Bank of New England

Bank of New England is our top pick for Derry, New Hampshire. They’re a small, regional bank that helps consumers and small business owners in the Northeast of the country obtain financing. They several different types of loans that can help your business grow to its full potential. They also provide traditional business banking services if you’re looking to partner with someone who has a full-service approach to financing.

Rochester, New Hampshire

Rochester is the manufacturing capital of the state. Several large manufacturers operate here. There are several agricultural machinery manufacturers in the region. Below is our favorite small business lender in the area:

Everlasting Capital

Everlasting Capital is a Rochester-based small business lender that specializes in commercial lending. If you’re looking for a lender that has experience with the local economy and the power to help you build your business, this is our top pick for Rochester business owners. They also have great online capabilities.


Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don't worry as there still may be other alternative lenders willing to work with you.