Southington, Connecticut Business Loan

Local Southington Lenders

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

Banks that Lend to Southington Businesses

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

Southington Business Loan Advice

Before reaching out to banks to get 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

Having a business plan is is critically important. If the bank loan is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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, the bank may ask you to to pledge your personal assets, such as the equity in your home. 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 these banks 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 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 assisting 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 Borrowing Money from Friends and Family.