This article is written specifically for entrepreneurs in North Plainfield, New Jersey who are interested in getting a small business loan.
Local North Plainfield Lending Resources
To help you learn more about local small business lenders, here's our list of small business banks in North Plainfield.
Small Business Bank |
Recent SBA Loans |
Peapack-Gladstone Bank - Warren Office |
|
Rockbank |
|
Valley National Bank |
991 |
SBA Lenders for North Plainfield Businesses
This is a list of banks outside of North Plainfield, New Jersey that have provided SBA loans to North Plainfield businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
Bank Of America
Charlotte, NC |
2 |
Bank Of America
Hackensack, NJ |
1 |
Bank Of America
Providence, RI |
4 |
Bnb Bank, National Association
Fort Lee, NJ |
2 |
Commerce Bank
Flemington, NJ |
1 |
Commerce Bank
Philadelphia, PA |
5 |
Pnc Bank, National Association
Somerset, NJ |
2 |
Skylands Community Bank
Somerville, NJ |
1 |
Td Banknorth
Saddle Brook, NJ |
1 |
Temecula Valley Bank
Temecula, CA |
1 |
Unity Bank
Clinton, NJ |
3 |
Wachovia SBA Lending, Inc.
Roseville, CA |
1 |
Tips for Getting a Business Loan in North Plainfield
As a prerequisite to contacting lenders 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the lender.
A well-defined 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. In addition, you should itemize 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 to guarantee the loan 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. Before you sit down to talk with a small business banker, you may want to do your homework 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
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