Greenwood Lake, New York Small Business Loans

Local Greenwood Lake Banks

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

Lenders for Greenwood Lake Businesses

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

Greenwood Lake Bank Loan Tips

Before contacting banks for a loan, you will need to develop the specifics of your loan request.

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 your ability to pay the money back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the financing is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know what collateral you have available to guarantee 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 your individual retirement account or pension plan. 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 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.

Gaebler.com Advice on Raising Money

Gaebler.com is a site that is dedicated to providing advice to small business owners, and we have a lot of information pertaining to to Raising Money. For example, we would suggest you read 504 Loans.