If you are hoping to get a small business loan and your business is based in Margate City, New Jersey, we've assembled a list of local small business banks that you should contact.
Local Margate City Banks
To help you learn more about local small business lenders, here's our list of small business banks in Margate City.
Small Business Bank |
Recent SBA Loans |
1st Fidelity Bank |
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Cape Savings Bank - Margate City Branch |
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SBA Lenders for Margate City Businesses
This is a list of banks outside of Margate City, New Jersey that have provided SBA loans to Margate City businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Margate City Businesses
As a prerequisite to contacting banks to get a bank loan, you will need to have a specific plan.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the money back to the bank.
A well-defined business plan is essential. 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 secure the loan. Collateral is relevant because banks always
want to be prepared for a worst-case scenario in which you cannot repay the loan.
If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as the equity in your home. 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 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
Invest 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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