These materials were prepared for small business owners in Lenox, Massachusetts who are interested in getting a bank loan.
Local Lenox Business Loan Sources
To assist you in finding a small business banker, here's our list of small business banks in Lenox.
Banks that Lend to Lenox Businesses
This is a list of banks outside of Lenox, Massachusetts that have provided SBA loans to Lenox businesses. Some of these may be national banks with local branch locations.
Lenox Business Loan Advice
Prior to contacting 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 explain your business, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the loan back to the lender.
Being able to present a well-written business plan is essential. If the loan is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 check on your personal credit history 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. 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
If you are new to our Gaebler.com site, you should know that we are all about helping small business owners, and we have a
lot of resources related to to Raising
Money. For example, we would suggest you read 504 Loans.
Business Loan Sources for Other Cities in Massachusetts
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