Business Loan Saratoga Springs, New York

Local Saratoga Springs Banks

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

Other Lending Resources for Saratoga Springs Businesses

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

Tips for Getting a Business Loan in Saratoga Springs

Before reaching out to lenders to get a bank loan, you will need to have a specific plan.

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 how you plan to pay the money back to the lender.

Having a business plan is essential. If the loan is to for a going concern, 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to to guarantee the loan 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 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

Our Gaebler.com site is deeply committed to providing advice to entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we would suggest you read Only Idiots Send Venture Capitalists Business Plans.