This article is written specifically for small business proprietors in Newcomerstown, Ohio who are interested in getting a small business loan.
Local Newcomerstown Business Loan Sources
To assist you in finding a small business banker, here's our list of small business banks in Newcomerstown.
Small Business Bank |
Recent SBA Loans |
Atm USA LLC |
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Bank One - Banking Centers- Newcomerstown Office |
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First Federal Savings Bank of Eastern Ohio |
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Business Loan Providers for Newcomerstown Businesses
This is a list of banks outside of Newcomerstown, Ohio that have provided SBA loans to Newcomerstown businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Newcomerstown
Before meeting with 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, describe what the money will finance, and show how you plan to pay the money back to the bank.
Having a business plan is is critically important. If the financing is to for an existing business, 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 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. Prior to visiting local banks, 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 planning on Raising
Money, you need to learn as much as you can. If you haven't read it
already, we recommend you review
Business Line of Credit.
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