Small Business Lenders in Ellenville, New York

Local Ellenville Business Loan Sources

Without further adieu, here's our list of small business banks in Ellenville.

Lenders for Ellenville Businesses

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

Business Loan Advice for Ellenville Businesses

Before contacting banks for a loan, you will need to have a specific plan.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show how you intend to to pay the money back to the bank.

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. 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 pledge 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 are SBA lenders. Before you sit down to talk with a small business banker, you may want to read up on 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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Take the time to learn as much as you can about Raising Money. To get started, we recommend you read Bank Credit Lines.