Starting your own merchantry is an incredibly heady moment in your life, whether you’ve ventured into merchantry ownership before, or if this is your first time setting up shop. From the first spark of an idea to the day you unshut your doors to the public, there’s plenty to alimony you rented withal the way.
If you’re thinking well-nigh starting a small merchantry in Vermont or New Hampshire, Union Bank is here to support your entrepreneurial dreams. Find out increasingly well-nigh how we can help you turn that dream into a reality.
Why start your merchantry in Vermont or New Hampshire?
Vermont and New Hampshire have much to offer to aspiring merchantry owners. As world-class tourist destinations for sports enthusiasts, these two states are home to 90% of New England’s top skiing and mountain wanderlust locations.
Around 14 million visitors journey to New Hampshire every year, with flipside 8 million visiting Vermont. In summer 2021, New Hampshire saw a record-breaking 4.4 million visitors spending over $2 billion in the state. It’s no wonder this zone is considered the third best in the country for new merchantry opportunities.
And it’s not only the visitors that you have as potential customers. Vermont is home to over 600,000 residents, while New Hampshire boasts a population of 1.35 million people.
Businesses throughout Vermont and New Hampshire proudly serve both longtime residents and those traveling through all year round. They’re unconfined places to start up a new enterprise.
What to do when you’re still in the planning phase?
Before you start looking for a merchantry location or getting merchantry cards printed, you need to do your research. Conducting market research first will save you time and money, and prevent you from going lanugo an unprofitable road.
You need to know if there’s space for your idea to wilt a successful local business, so find out as much as you can well-nigh the area, your potential customers, and the competition.
Union Bank staff works directly with a number of local economic minutiae organizations whose job it is to help new and existing businesses plan, budget, and finance their plans. We’ll moreover work with our borrowers to find credit enhancements and spare funding opportunities where possible. We partner with:
- United States Department of Agriculture (USDA) Rural Development
- Vermont Economic Minutiae Authority
- Granite State Economic Minutiae Corporation
- Grafton County Economic Minutiae Council
- Northern Communities Investment Corporation
- County and town revolving-loans funds
- Lamoille Economic Minutiae Corporation
- Washington Valley Economic Council
- Small Merchantry Minutiae Centers
- SCORE NH
- SCORE VT
Networking with other professionals and merchantry owners in the polity can moreover help you get a leg up when setting up your new small business. Finding like-minded people who’ve stood where you are now can be invaluable support as you get started.
Organizations like Think Vermont and Live Free and Start in New Hampshire are go-to resources to build your network. The Vermont Small Merchantry Minutiae Center moreover provides translating and workshops to both new and experienced merchantry owners. Find spare networking opportunities and groups in Vermont and New Hampshire and meet fellow merchantry owners in your area.
Working with local banks to reach your goals
When you’re setting up a new business, there’s likely one big factor on your mind: paying for everything. Working with a local financial institution like Union Bank, you’ll goody from over 130 years of wits and support for our community. We know a thing or two well-nigh the area—we’ve been here since 1891!
We’ve been a Small Merchantry Administration Preferred Lender since 1987 and have been recognized throughout the years for lending to small businesses. We’ve plane received a few awards for highest volume growth and the third highest loan volume in our area. It’s all a reflection of Union Bank’s dedication to helping small businesses thrive in the communities we serve.
What can you use an SBA loan for?
Small Merchantry Administration (SBA) loans are designed to help you start, purchase, or expand a small business. That could midpoint ownership real manor to unshut up a store or restaurant, making essential equipment purchases, or plane getting a jumpstart on working capital.
There are government-guaranteed loans administered by polity institutions, like Union Bank, to help you succeed. There’s no minimum loan amount, they offer flexible repayment options, and you’ll goody from smaller lanugo payments than you would with personal loans or other commercial options.
Your loan terms will be set based on the needs of your business. Contact the business lending team at Union Bank to find out increasingly well-nigh interest rates and terms that would work weightier for your growing business.
Get ready for your grand opening
As members of the polity you’re serving, the team at Union Bank want to see your merchantry succeed. That’s why we offer a wide range of commercial products to help your merchantry grow, no matter the size.
With our business checking and savings accounts, you can hands stay on top of your merchantry finances. Offer your customers the convenience of multiple payment options like credit cards or souvenir cards when you use our Merchant Services products.
Growing rapidly and expanding the team? Union Bank moreover offers affordable, full-service options for payroll, human resources, and employee goody administration for our existing commercial partners. Avoid the risk of fines and penalties if you make a mistake and rest unpreventable that the employee admin side of your merchantry is stuff thoughtfully managed.
Ready to get started?
At Union Bank, we’re proud to invest in your small merchantry and watch it go from strength to strength. We’ve partnered with local businesses for over a century and, as a federally-recognized and topnotch small merchantry lender, we’re excited to help you find the right commercial financing for your new venture.
Contact the lending team today to find out increasingly well-nigh the merchantry products we offer, and submit your commercial loan application to get the process started.
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