We wrote this article for entrepreneurs in Chevy Chase, Maryland who are interested in getting a bank loan.
Local Chevy Chase Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Chevy Chase.
SBA Lenders for Chevy Chase Businesses
This is a list of banks outside of Chevy Chase, Maryland that have provided SBA loans to Chevy Chase businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
Bank Of America
Charlotte, NC |
9 |
Citibank
Miami, FL |
2 |
Innovative Bank
Oakland, CA |
5 |
Manufacturers & Traders Trust
Baltimore, MD |
2 |
Manufacturers & Traders Trust
Towson, MD |
2 |
Pnc Bank, National Association
Baltimore, MD |
1 |
Pnc Bank, National Association
Pittsburgh, PA |
3 |
Sandy Spring Bank
Olney, MD |
2 |
The Adams National Bank
Washington, DC |
1 |
United Bank
Fairfax, VA |
1 |
Wachovia SBA Lending, Inc.
Roseville, CA |
1 |
Tips for Getting a Business Loan in Chevy Chase
Before reaching out to 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.
A well-defined business plan is essential. If the capital is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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, you will likely be asked to to guarantee the loan with 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 the banks in our list are SBA lenders. Before meeting with the 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
If you are serious about Raising
Money, you need to get up to speed on the subject. If you haven't read it
already, we recommend you review
Borrowing Money from Friends and Family.
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