Business financing in Strafford County.

Small business financing is money you borrow — or sometimes receive as a grant — to start, run, or grow a business. It can cover equipment, inventory, hiring, renovations, working capital (day-to-day expenses), or real estate.

Financing comes in several forms:

• **Term loans** — You borrow a fixed amount and repay it in monthly installments over a set period. Good for large, one-time needs like buying a truck or equipment.

• **Lines of credit** — You borrow up to a limit and only pay interest on what you use. Good for managing cash flow between jobs or clients.

• **Microloans** — Smaller loans (typically under $50,000) designed for new or very small businesses that may not qualify at a traditional bank.

• **SBA-backed loans** — The U.S. Small Business Administration guarantees a portion of these loans so that local lenders take on less risk. This makes it easier for small businesses to qualify.

• **Grants** — Money that does not need to be repaid, usually from government agencies or nonprofits. Grants are competitive and often come with specific requirements.

• **CDFI loans** — Community Development Financial Institutions are nonprofit lenders whose mission is to serve people and businesses that traditional banks often overlook.

Understanding what type of financing fits your situation is the first step. This guide will help you find the right local people to talk to in Strafford County.

Strafford County's economy is shaped by the University of New Hampshire (UNH) in Durham, a strong healthcare sector anchored by Wentworth-Douglass Hospital in Dover, a growing construction and trades workforce, and a mix of small retail and service businesses across Dover, Rochester, Somersworth, and smaller towns like Farmington and Barrington.

**What local lenders typically look for:**

• Time in business — Many traditional lenders prefer at least 2 years, but CDFIs and microlenders will often work with startups.

• Credit history — A score of 620 or higher is a common threshold at banks, but CDFI and ITIN-based lenders use alternative criteria.

• Revenue and cash flow — Lenders want to see you can repay. Even modest, documented income counts.

• Business plan — For newer businesses, a clear plan showing how you will use the funds and generate income is often more important than your credit score.

• Collateral — Not always required, especially for microloans or CDFI products.

**For immigrant entrepreneurs and ITIN holders:**

You do not need a Social Security number to get a business loan in New Hampshire. Some local lenders — including CDFIs and certain credit unions — will accept an Individual Taxpayer Identification Number (ITIN) in place of an SSN. See the local lenders section for specific institutions.

**For solo contractors in the trades:**

If you work in construction, landscaping, plumbing, electrical, or related fields, your Schedule C or business bank statements are often enough to demonstrate income. Lenders in this region are familiar with the seasonal and project-based nature of contractor work.

Gathering your documents before you apply saves time and shows lenders you are organized. The exact list varies by lender and loan type, but here is what most local lenders in Strafford County will ask for:

**Personal and identity documents:**

• Government-issued photo ID (driver's license, passport, or consular ID)

• Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)

• Proof of address (utility bill, lease agreement, or bank statement)

**Business documents:**

• Business license or registration with the NH Secretary of State

• Employer Identification Number (EIN) — free to obtain at IRS.gov

• Business bank statements (last 3–12 months)

• Profit and loss statement (even a simple one-page version is fine for startups)

• Business plan (especially for new businesses or larger loan amounts)

**Financial and tax documents:**

• Personal tax returns (last 2 years)

• Business tax returns (last 2 years, if applicable)

• Schedule C if you file as a sole proprietor

• List of any existing debts or loans

**For real estate or equipment loans:**

• Purchase agreement or invoice

• Property appraisal or equipment quote

**Tip:** If you do not have all of these documents, do not let that stop you from making a call. Local CDFIs and microlenders are used to working with people who are just getting organized. They can often help you figure out what you need before you formally apply.