If you are hoping to get a small business loan and your business is based in Kendall Park, New Jersey, we've put together a list of local small business banks that you should contact.
Other Lending Resources for Kendall Park Businesses
This is a list of banks outside of Kendall Park, New Jersey that have provided SBA loans to Kendall Park businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
Bank Of America
Providence, RI |
1 |
Comerica Bank
Dallas, TX |
1 |
Commerce Bank
Philadelphia, PA |
1 |
First State Bank
Cranford, NJ |
1 |
Ge Cap. Small Business Finan Corp
St. Louis, MO |
1 |
Hopewell Valley Community Bank
Pennington, NJ |
1 |
Pnc Bank, National Association
Pittsburgh, PA |
1 |
Wachovia Bank
Charlotte, NC |
1 |
Wells Fargo Bank
Minneapolis, MN |
1 |
Business Loan Advice for Kendall Park Businesses
Prior to contacting banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.
You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show how you intend to to pay the loan back to the bank.
Being able to present a well-written business plan is an important prerequisite. If the loan is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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, the bank may ask you to to pledge 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. Prior to visiting local banks, 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
Take the time to learn as much as you can about Raising
Money. For starters, we suggest you read
Business Line of Credit.
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