If you are looking for a small business loan and your business is based in Upper Saddle River, New Jersey, we've put together a list of local small business banks that you should contact.
Banks that Lend to Upper Saddle River Businesses
This is a list of banks outside of Upper Saddle River, New Jersey that have provided SBA loans to Upper Saddle River businesses. Some of these may be national banks with local branch locations.
Upper Saddle River Bank Loan Tips
Before reaching out to lenders to discuss getting 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, define how the money will be used, and show your ability to pay the loan back to the lender.
Being able to present a well-written business plan is essential. If the financing 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 cash flow from the business does not meet your projections.
If the business has few assets, the bank may ask you to to to guarantee the loan with your personal assets, such as the equity in your home. 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 are SBA lenders. Before meeting with the 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
Gaebler.com is a site that is deeply committed to aiding entrepreneurs, and we have a
lot of resources related to to Raising
Money. If you want to learn about raising money, one article that might be of interest to you is Realistic Debt Financing Options.
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