Monticello, New York Business Loan

Local Monticello Business Loan Sources

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

Business Loan Providers for Monticello Businesses

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

Monticello Business Loan Advice

As a prerequisite to contacting lenders to discuss getting 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the lender.

Having a business plan is essential. If the loan is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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 you cannot repay the loan.

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 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 the banks in our list are SBA lenders. Before meeting with the banker, you may want to read up on 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 deeply committed to assisting entrepreneurs, and we have a lot of resources related to to Raising Money. For example, one article that might be of interest to you is 504 Loans.