Milford, Massachusetts Business Loan

Local Milford Banks

Without further adieu, here's our list of small business banks in Milford.

Banks that Lend to Milford Businesses

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

Milford Business Loan Advice

Prior to contacting 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, define how the money will be used, and show how you plan to pay the money back to the bank.

A well-defined business plan is essential. If the loan 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 cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to secure the business 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 participate in the financial assistance programs available through the SBA. 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.

Gaebler.com Advice on Raising Money

Our Gaebler.com site is deeply committed to providing advice to entrepreneurs, and we have a lot of useful articles about to Raising Money. If raising money is on your to-do list, one article that might be of interest to you is 504 Loans.