Mercersburg, Pennsylvania Small Business Loans

Local Mercersburg Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Mercersburg.

Banks that Lend to Mercersburg Businesses

This is a list of banks outside of Mercersburg, Pennsylvania that have provided SBA loans to Mercersburg businesses. Some of these may be national banks with local branch locations.

Mercersburg Bank Loan Tips

Before reaching out to banks for a 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, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the bank.

A well-defined business plan is essential. If the capital is to for a company that is already doing business, 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, you will likely be asked to to guarantee the loan with your personal assets, such as the equity in your home. 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 are SBA lenders. Before you sit down to talk with a small business banker, you may want to do your homework 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.

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