Business Loan Great Neck, New York

Local Great Neck Lending Resources

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

Lenders for Great Neck Businesses

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

Tips for Getting a Business Loan in Great Neck

Prior to reaching out to lenders to get a bank loan, you will need to determine exactly what size loan you will be asking for.

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 plan to pay the money back to the lender.

Being able to present a well-written business plan is is critically important. If the loan is to for a going concern, 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 stocks and bonds that you might own or life insurance policies. 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 these banks 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.

Gaebler.com Advice on Raising Money

Gaebler.com is a site that is deeply committed to providing advice to small business owners, and we have a lot of information pertaining to to Raising Money. If you want to learn about raising money, we would suggest you read Angel Investors.