We wrote this article for small business proprietors in Spring Lake, New Jersey who are interested in getting debt financing.
Local Spring Lake Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Spring Lake.
Small Business Bank |
Recent SBA Loans |
Manasquan Savings Bank |
|
Monmouth Community Bank N A |
|
Lenders for Spring Lake Businesses
This is a list of banks outside of Spring Lake, New Jersey that have provided SBA loans to Spring Lake businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Spring Lake
Prior to meeting with 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 essential. If the capital is to for a going concern, 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 secure the business with 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 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 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 all about providing advice to entrepreneurs, and we have a
lot of resources related to to Raising
Money. For example, we would suggest you read 504 Loans.
Business Loan Sources for Other Cities in New Jersey
Get a Business Loan in Spotswood
Get a Business Loan in Springfield
Browse All Business Loan Sources for New Jersey