BUSINESS FINANCING · MA

Business Financing Guide for Plymouth County, Massachusetts

This guide helps solo contractors and small business owners in Plymouth County, Massachusetts understand their financing options — from local credit unions and CDFIs to SBA-connected lenders. Whether you have an EIN, an ITIN, or are just starting to build credit, there are real local resources that can help. Origen Capital is a directory, not a lender, and this guide is here to inform, not to sell. Take your time, compare your options, and work with institutions that respect your goals.

§ 01 — What it is

What Is Small Business Financing?

Small business financing is money you borrow or access to start, grow, or stabilize a business. In Plymouth County, this can take many forms: - **Term loans:** You borrow a fixed amount and repay it over time with interest. Good for purchasing equipment, vehicles, or making renovations. - **Lines of credit:** A flexible pool of money you draw from as needed, useful for covering payroll gaps or seasonal slow periods. - **Microloans:** Smaller loans — often $5,000 to $50,000 — that are easier to qualify for. Many CDFIs in Massachusetts specialize in these. - **SBA-backed loans:** Loans made by local banks and credit unions, partially guaranteed by the U.S. Small Business Administration. This lowers the lender's risk and can make it easier for you to qualify. - **Equipment financing:** Loans or leases specifically for tools, machinery, or vehicles, where the equipment itself often serves as collateral. - **Revenue-based financing:** Repayment tied to your monthly income — can be helpful for seasonal businesses, though terms vary widely. For sole proprietors, independent contractors, and small landlords in Plymouth County, the most accessible entry points are usually microloans and SBA-backed loans offered through local intermediaries — not large national banks.

§ 02 — Who qualifies

Who Qualifies? Local Economic Context for Plymouth County

Plymouth County spans a wide range of communities — from the historic Town of Plymouth to coastal towns like Duxbury and Marshfield, suburban areas like Brockton and Randolph, and rural corners like Carver and Plympton. This diversity shapes what kinds of businesses apply for financing and what lenders look for. **Common qualifying businesses in the county include:** - Construction contractors and trades (roofing, plumbing, electrical, landscaping) - Home-based food businesses and caterers - Child care providers and family daycares - Small retail shops and service businesses along Main Streets - Residential real estate investors with 1–4 unit properties - Seasonal businesses tied to Cape Cod and South Shore tourism **Typical qualification factors:** - Time in business: Many lenders want 6–24 months of operating history, but CDFIs often work with startups. - Credit score: Conventional lenders often look for 650+, but CDFI and microloan programs may work with scores in the 500s — or no score at all. - ITIN vs. SSN: Several lenders in and near Plymouth County accept Individual Taxpayer Identification Numbers (ITINs) in place of a Social Security Number. You do not need to be a U.S. citizen to apply. - Revenue: Lenders generally want to see consistent income, but many CDFIs will consider bank statements instead of formal tax returns. - Collateral: Not always required, especially for microloans. **Note for Brockton-area entrepreneurs:** Brockton has a significant immigrant business community, including Cape Verdean, Haitian, and Latino-owned businesses. Local organizations have experience working with business owners navigating multiple languages and documentation types.

§ 03 — What you need

Documents You Will Typically Need

Gathering your paperwork ahead of time makes the process much smoother. Requirements vary by lender, but here is what most will ask for: **Identity & Legal Status:** - Government-issued photo ID (passport, driver's license, consular ID) - ITIN letter or Social Security card - Business registration or DBA filing from the Massachusetts Secretary of State's office **Financial Documents:** - Last 2–3 years of personal and/or business tax returns (or ITIN returns filed with the IRS) - Last 3–6 months of business bank statements - Recent personal bank statements - Profit and loss statement (even a simple one you prepare yourself) - List of business debts or existing loans **Business Planning:** - A brief business plan or written description of what the loan will be used for - Any contracts, invoices, or purchase orders that show upcoming revenue - Quotes for equipment or renovation work (if that's what the loan is for) **For real estate investors:** - Property address and current rent roll - Lease agreements - Property tax bill - Insurance certificate If you are missing some of these, do not give up. CDFIs and nonprofit lenders are used to helping applicants pull documents together. Ask them early — they often have staff who can walk you through it.

§ 04 — Where to start in Plymouth County

Local Lenders, CDFIs, and Resources That Serve Plymouth County

These are real institutions with a presence or track record serving businesses in Plymouth County and the surrounding South Shore region. Origen Capital is a directory — always verify current programs and availability directly with each organization. --- **1. Accion Opportunity Fund** A national CDFI with strong Massachusetts activity. Offers microloans from $5,000 to $100,000 to businesses that may not qualify at traditional banks. ITIN-friendly, bilingual support available. Well-suited for sole proprietors and early-stage businesses in Brockton and Plymouth. 🌐 accionopportunityfund.org --- **2. SCORE – Boston Chapter (serving Plymouth County)** Free mentoring and business plan workshops for entrepreneurs at all stages. SCORE volunteers include retired executives and lenders who can help you prepare a loan application. Virtual and in-person options available. 🌐 score.org/boston --- **3. Massachusetts Growth Capital Corporation (MGCC)** A state-backed CDFI that provides loans and technical assistance to underserved small businesses across Massachusetts, including Plymouth County. Focuses on businesses with fewer than 20 employees. Has run specific programs for immigrant-owned and minority-owned businesses. 🌐 mgcc.org --- **4. South Eastern Economic Development (SEED) Corporation** A regional CDFI headquartered in Taunton (neighboring Bristol County) that actively serves Plymouth County. Provides SBA 504 loans for commercial real estate and equipment, as well as direct microloans. Experienced with contractors and manufacturing businesses. 🌐 seedcorp.com --- **5. Eastern Bank** A mutual savings bank with branches throughout the South Shore, including Brockton and Plymouth. Known for SBA 7(a) lending and a stated commitment to underserved communities. Has Spanish-speaking staff at select branches. 🌐 easternbank.com --- **6. Rockland Trust** Headquartered in Hanover, Plymouth County — this is a true local bank. Offers SBA loans, commercial lines of credit, and small business checking. Has multiple Plymouth County branches. Worth visiting in person to discuss your situation. 🌐 rocklandtrust.com --- **7. Millbury Federal Credit Union / Local Credit Unions** Credit unions often have more flexible underwriting than banks. In Plymouth County, look into **Plymouth Rock Federal Credit Union** and **HarborOne Credit Union** (headquartered in Brockton). HarborOne in particular has a strong small business lending track record and multiple South Shore locations. 🌐 harborone.com --- **8. U.S. SBA – Massachusetts District Office (Boston)** The SBA doesn't lend directly, but it connects you to approved lenders and guarantees loans made by local banks and credit unions. The Massachusetts District Office covers Plymouth County and can refer you to an SBA-approved lender near you. Also administers the Small Business Development Center (SBDC) network. 📍 10 Causeway Street, Boston, MA 02222 🌐 sba.gov/offices/district/ma/boston --- **9. Massachusetts Small Business Development Center (MSBDC) – Southeast Regional Office** Located at UMass Dartmouth, this office serves Plymouth County. Provides free one-on-one business advising, help preparing loan applications, financial projections, and market research. This is one of the most valuable free resources available to small business owners in the region. 📍 UMass Dartmouth, 285 Old Westport Road, North Dartmouth, MA 02747 🌐 msbdc.org/semass --- **10. Neighborhood Housing Services of the South Shore / Local Housing CDFIs** For small landlords and residential real estate investors in Plymouth County, housing-focused CDFIs can sometimes offer rehabilitation loans and landlord assistance programs. Contact the Plymouth County Regional Planning Office or MassHousing for referrals. 🌐 masshousing.com

§ 05 — What to avoid

Massachusetts State-Specific Regulatory Notes

Massachusetts has specific rules and programs that affect small business borrowers. Here is what you should know: **Business Registration:** All businesses operating in Massachusetts under a name other than the owner's legal name must file a DBA (Doing Business As) certificate with the city or town clerk — not the state. In Plymouth County, this means filing with the clerk of whichever town your business is located in (e.g., Plymouth Town Clerk, Brockton City Clerk). Filing fees are typically $10–$50. Many lenders will ask for this document. **Massachusetts Usury Law:** Massachusetts has a criminal usury cap of 20% APR for most consumer and small business loans. Some alternative lenders — especially merchant cash advance companies — structure their products to avoid this classification. Be cautious of any financing product that does not disclose an APR clearly. **Small Business Technical Assistance (SBTA) Grant Program:** Massachusetts funds a network of CDFIs and nonprofits to provide free or low-cost technical assistance to small businesses. If you work with MGCC, SEED Corp, or the MSBDC, you are often already in this network. These are not loans — they are free services funded by the state. **Massachusetts Community Reinvestment Act (CRA) Considerations:** State-chartered banks in Massachusetts are subject to the Massachusetts CRA, which can be stricter than the federal version. This encourages local banks — including mutual savings banks and co-operative banks — to lend in lower-income and immigrant communities. If a local bank turns you down without explanation, you have the right to ask for reasons in writing. **Sales Tax Permit:** If your business sells taxable goods or services, you must register with the Massachusetts Department of Revenue (DOR) for a Sales Tax Registration. Some lenders will check for this. Register at mass.gov/dor. **Worker Classification:** Massachusetts uses a strict three-part test to determine if workers are employees or independent contractors (M.G.L. Chapter 149, Section 148B). If you hire subcontractors, make sure your classification is correct before applying for a loan — lenders and the SBA may review this.

§ 06 — Ask a question

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