Business Loan Midland, Pennsylvania

Local Midland Banks

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

Other Lending Resources for Midland Businesses

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

Tips for Getting a Business Loan in Midland

As a prerequisite to meeting with lenders for a 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, define how the money will be used, and show your ability to pay the loan back to the lender.

A well-defined business plan is essential. If the financing is to for a company that is already doing 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 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 your individual retirement account or pension plan. 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 meeting with the 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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