We wrote this article for entrepreneurs in Somers Point, New Jersey who are interested in getting a bank loan.
Local Somers Point Business Loan Sources
Without further adieu, here's our list of small business banks in Somers Point.
Small Business Bank |
Recent SBA Loans |
1st Fidelity Bank |
|
Cape Savings Bank |
|
Banks that Lend to Somers Point Businesses
This is a list of banks outside of Somers Point, New Jersey that have provided SBA loans to Somers Point businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
Bank Of America
Charlotte, NC |
2 |
Bank Of America
Providence, RI |
1 |
Bnb Bank, National Association
Fort Lee, NJ |
4 |
Business Lenders, LLC
Hartford, CT |
1 |
Business Loan Center, LLC
Richmond, VA |
1 |
Capital One
Mclean, VA |
1 |
Commerce Bank
Philadelphia, PA |
5 |
Pnc Bank, National Association
Pittsburgh, PA |
1 |
Sun National Bank
Vineland, NJ |
2 |
Susquehanna Bank Dv
Vineland, NJ |
1 |
Tips for Getting a Business Loan in Somers Point
Prior to contacting banks to get a bank 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 plan to pay the loan back to the bank.
A well-defined business plan is essential. If the capital is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 you cannot repay the loan.
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 meeting with the banker, you may want to read up on 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 supporting entrepreneurs, and we have a
lot of useful articles about to Raising
Money. For example, one article that might be of interest to you is 504 Loans.
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