Business Loan Cape May, New Jersey

Local Cape May Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Cape May.

Banks that Lend to Cape May Businesses

This is a list of banks outside of Cape May, New Jersey that have provided SBA loans to Cape May businesses. Some of these may be national banks with local branch locations.

Tips for Getting a Business Loan in Cape May

Before meeting with lenders for a loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you intend to to pay the money back to the lender.

Being able to present a well-written business plan is is critically important. If the money is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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, you will likely be asked to to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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 the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to do your homework 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.

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Make it a priority to learn as much as you can about Raising Money. To get the ball rolling, we suggest you read How Equity Dilution Works.