Monmouth Junction, New Jersey Small Business Loans

Local Monmouth Junction Lending Resources

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

Business Loan Providers for Monmouth Junction Businesses

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

Monmouth Junction Bank Loan Tips

As a prerequisite 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 explain your business, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the loan back to the bank.

Being able to present a well-written 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 guarantee 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, 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. 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

Gaebler.com is a site that is passionate about aiding entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, we recommend you read Borrowing Money from Friends and Family.