These materials were prepared for small business owners in Avalon, New Jersey who are interested in getting a small business loan.
Other Lending Resources for Avalon Businesses
This is a list of banks outside of Avalon, New Jersey that have provided SBA loans to Avalon businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Avalon
Prior to contacting banks for a loan, you will need to have a specific plan.
You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the loan back to the bank.
Being able to present a well-written business plan is an important prerequisite. If the loan is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to secure the loan. Collateral is relevant because banks always
want to be prepared for a worst-case scenario in which you cannot repay the loan.
If the business has few assets, the bank may ask you to to pledge your personal assets, such as the equity in your home. The banks will check on your personal credit history in any case, so hopefully you have good credit history
-- you may want to get a copy of your credit history prior to meeting with the banker.
Many of these banks are SBA lenders. Before you sit down to talk with a small business banker, you may want to get up to speed on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.
Gaebler.com Advice on Raising Money
Invest the time to learn as much as you can about Raising
Money. To get started, we recommend you read
504 Loans.
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