If you are looking for a small business loan and your business is based in Mendham, New Jersey, we've put together a list of local small business banks that you should contact.
Local Mendham Business Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Mendham.
Small Business Bank |
Recent SBA Loans |
First Morris Bank and Trust |
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Gibraltar Savings Bank |
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Hudson United Bank |
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Peapack-Gladstone Bank - Mendham Office |
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Somerset Hills Bank |
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SBA Lenders for Mendham Businesses
This is a list of banks outside of Mendham, New Jersey that have provided SBA loans to Mendham businesses. Some of these may be national banks with local branch locations.
Mendham Bank Loan Tips
Prior to reaching out to banks to get a bank 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the money back to the bank.
A well-defined business plan is essential. 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 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. 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
If you are new to our Gaebler.com site, you should know that we are dedicated to assisting entrepreneurs, and we have a
lot of useful articles about to Raising
Money. For example, we would suggest you read Business Incubators.
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