This article is written specifically for entrepreneurs in Towson, Maryland who are interested in getting debt financing.
Local Towson Lenders
Without further adieu, here's our list of small business banks in Towson.
Small Business Bank |
Recent SBA Loans |
1st Mariner Bank |
|
Americas Bank |
|
Atlantic Federal Savings Bank |
|
Baltimore American Savings |
|
Bank Of America |
|
BB & T - Baltimore County- Towson |
|
Carrollton Bank - Commercial Banking- Baltimore County Branch Offices |
|
Columbia Bank |
|
Extra Cash ATM |
|
First National Bank of Maryland 347-6000 |
|
First Union Bank |
|
Hamilton Federal Bank |
|
Lasalle National Leasing Corporation |
|
M & T Bank |
|
Manufacturers & Traders Trust |
1,060 |
Maryland Credit Union League Inc |
|
Mercantile Bank and Trust |
|
Nationsbank |
|
Provident Bank |
|
Susquehanna Bank |
8 |
Lenders for Towson Businesses
This is a list of banks outside of Towson, Maryland that have provided SBA loans to Towson businesses. Some of these may be national banks with local branch locations.
Small Business Bank |
Recent SBA Loans |
Bank Of America
Charlotte, NC |
21 |
Branch Bank & Trust
Frederick, MD |
1 |
Business Lenders, LLC
Hartford, CT |
1 |
Capital One
Mclean, VA |
4 |
Carrollton Bank
Baltimore, MD |
1 |
Chesapeake Bank Of Maryland
Baltimore, MD |
1 |
Cit Small Business Lending Corp
Livingston, NJ |
1 |
Colombo Bank
Rockville, MD |
1 |
Innovative Bank
Oakland, CA |
9 |
K Bank
Owings Mills, MD |
3 |
Manufacturers & Traders Trust
Amherst, NY |
4 |
Manufacturers & Traders Trust
Baltimore, MD |
14 |
Manufacturers & Traders Trust
Buffalo, NY |
1 |
Pnc Bank, National Association
Elkton, MD |
1 |
Pnc Bank, National Association
Gaithersburg, MD |
1 |
Pnc Bank, National Association
Pittsburgh, PA |
4 |
Provident Bank Of Maryland
Baltimore, MD |
2 |
Provident Bank Of Maryland
Warrenton, VA |
2 |
Regal Bank & Trust
Owings Mills, MD |
6 |
Suntrust Bank
Atlanta, GA |
2 |
Suntrust Bank
Richmond, VA |
1 |
Superior Financial Group, LLC
Walnut Creek, CA |
2 |
Susquehanna Bank
Baltimore, MD |
3 |
Susquehanna Bank Pa
Owings Mills, MD |
1 |
The Columbia Bank
Columbia, MD |
1 |
The Columbia Bank
Greenbelt, MD |
1 |
The Patapsco Bank
Dundalk, MD |
4 |
Wachovia Bank
Charlotte, NC |
1 |
Tips for Getting a Business Loan in Towson
Before 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.
A well-defined business plan is an important prerequisite. If the financing 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 guarantee 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, the bank may ask you to to secure the business with 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 the banks in our list participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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
Take the time to learn as much as you can about Raising
Money. For starters, we suggest you read
Business Line of Credit.
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