This article is written specifically for small business owners in Collingswood, New Jersey who are interested in getting a bank loan.
Local Collingswood Lending Resources
To help you learn more about local small business lenders, here's our list of small business banks in Collingswood.
Small Business Bank |
Recent SBA Loans |
1st Colonial National Bank |
|
Hudson United Bank |
|
Lenders for Collingswood Businesses
This is a list of banks outside of Collingswood, New Jersey that have provided SBA loans to Collingswood businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
Bank Of America
Providence, RI |
1 |
Capital One
Mclean, VA |
3 |
Commerce Bank
Forked River, NJ |
1 |
Commerce Bank
Philadelphia, PA |
6 |
Pnc Bank, National Association
Pittsburgh, PA |
4 |
Rbs Citizens
Norwood, MA |
1 |
Rbs Citizens
Providence, RI |
9 |
Sun National Bank
Vineland, NJ |
4 |
Td Banknorth
Mahwah, NJ |
5 |
The Bank
Woodbury, NJ |
2 |
Tips for Getting a Business Loan in Collingswood
Before meeting with banks to discuss getting a bank 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 your ability to pay the loan back to the bank.
Being able to present a well-written business plan is is critically important. If the bank loan is to for a company that is already doing 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 look at your personal credit report 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 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.
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