If you are looking for a small business loan and your business is based in Magnolia, New Jersey, we've put together a list of local small business banks that you should contact.
Banks that Lend to Magnolia Businesses
This is a list of banks outside of Magnolia, New Jersey that have provided SBA loans to Magnolia businesses. Some of these may be national banks with local branch locations.
Magnolia Bank Loan Tips
Before contacting lenders 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, describe what the money will finance, and show your ability to pay the loan back to the lender.
Being able to present a well-written business plan is an important prerequisite. If the financing 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 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 your individual retirement account or pension plan. 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. 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 all about aiding entrepreneurs, and we have a
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Money. If you want to learn about raising money, one article that might be of interest to you is 504 Loans.
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