If you are looking for a small business loan and your business is based in Old Mystic, Connecticut, we've put together a list of local small business banks that you should contact.
Banks that Lend to Old Mystic Businesses
This is a list of banks outside of Old Mystic, Connecticut that have provided SBA loans to Old Mystic businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
Rbs Citizens
Providence, RI |
1 |
Business Loan Advice for Old Mystic Businesses
Before contacting 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, define how the money will be used, and show your ability to pay the money back to the bank.
Having a business plan is is critically important. If the financing 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 participate in the financial assistance programs available through the SBA. Before meeting with the banker, 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
If you are planning on Raising
Money, you need to educate yourself. If you haven't read it
already, we recommend you review
How Equity Dilution Works.
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