North Babylon, New York Small Business Loans

Local North Babylon Lending Resources

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

Business Loan Providers for North Babylon Businesses

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

North Babylon Bank Loan Tips

Prior to reaching out to 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, walk the banker through the planned use of proceeds, and show your ability to pay the money back to the bank.

A well-defined business plan is an important prerequisite. If the bank loan is to for a company that is already doing 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. Before you sit down to talk with a small business 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 dedicated to supporting small business owners, and we have a lot of useful articles about to Raising Money. If you want to learn about raising money, we would suggest you read Realistic Debt Financing Options.