Small Business Lenders in New Baltimore, Michigan

Local New Baltimore Business Loan Sources

To assist you in finding a small business banker, here's our list of small business banks in New Baltimore.

Banks that Lend to New Baltimore Businesses

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

Business Loan Advice for New Baltimore Businesses

Before contacting banks for a loan, you will need to determine exactly what size loan you will be asking for.

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 your ability to pay the money back to the bank.

A well-defined business plan is is critically important. If the capital 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 stocks and bonds that you might own or life insurance policies. 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. 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 devoted to helping small business owners, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, we would suggest you read Bank Credit Lines.