South Dayton, New York Small Business Loans

Local South Dayton Lenders

To help you learn more about local small business lenders, here's our list of small business banks in South Dayton.

Other Lending Resources for South Dayton Businesses

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

South Dayton Bank Loan Tips

Before contacting banks to get a bank 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 how you intend to to pay the loan back to the bank.

Having a business plan is is critically important. 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 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 look at your personal credit report 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 you sit down to talk with a small business 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 all about aiding 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 Angel Investors.