Seneca Falls, New York Business Loan

Local Seneca Falls Business Lenders

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

Lenders for Seneca Falls Businesses

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

Seneca Falls Business Loan Advice

As a prerequisite to reaching out to banks for a loan, you will need to develop the specifics of your loan request.

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 your ability to pay the loan back to the bank.

Having a business plan is essential. If the bank loan 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 pledge 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 these banks participate in the financial assistance programs available through the SBA. Before meeting with the 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

Our Gaebler.com site is deeply committed to helping small business owners, and we have a lot of resources related to to Raising Money. For example, we recommend you read 504 Loans.