Small Business Lenders in Penns Grove, New Jersey

Local Penns Grove Business Loan Sources

To assist you in finding a small business banker, here's our list of small business banks in Penns Grove.

Other Lending Resources for Penns Grove Businesses

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

Business Loan Advice for Penns Grove Businesses

As a prerequisite to meeting with lenders to discuss getting a bank 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, describe what the money will finance, and show how you plan to pay the money back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the capital 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 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. Prior to visiting local banks, 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 get up to speed on the subject. If you haven't read it already, we recommend you review Bank Credit Lines.