Old Orchard Beach, Maine Business Loan

Local Old Orchard Beach Business Loan Sources

To help you learn more about local small business lenders, here's our list of small business banks in Old Orchard Beach.

Business Loan Providers for Old Orchard Beach Businesses

This is a list of banks outside of Old Orchard Beach, Maine that have provided SBA loans to Old Orchard Beach businesses. Some of these may be national banks with local branch locations.

Old Orchard Beach Business Loan Advice

As a prerequisite 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 explain your business, explain how much you want to borrow, define how the money will be used, and show how you intend to to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the money is to for a going concern, 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 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 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

Gaebler.com is a site that is dedicated to providing advice to small business owners, and we have a lot of information pertaining to to Raising Money. For example, one article that might be of interest to you is 504 Loans.