Business Loan Phillipsburg, New Jersey

Local Phillipsburg Lenders

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

Lenders for Phillipsburg Businesses

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

Tips for Getting a Business Loan in Phillipsburg

Prior to meeting with banks to discuss getting a bank loan, you will need to have a specific plan.

You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the loan back to the bank.

A well-defined business plan is essential. If the money is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to guarantee 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, the bank may ask you to to secure the business with your personal assets, such as the equity in your home. 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 these banks are SBA lenders. 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

Our Gaebler.com site is passionate about helping entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read Getting a Small Business Loan.