Centereach, New York Business Loan

Local Centereach Business Loan Sources

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

Other Lending Resources for Centereach Businesses

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

Centereach Business Loan Advice

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

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 plan to pay the loan back to the lender.

A well-defined business plan is is critically important. If the capital 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to 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 these banks participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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

Our Gaebler.com site is passionate about aiding entrepreneurs, and we have a lot of information pertaining to to Raising Money. To learn more, we recommend you read 504 Loans.