Business Loan Vineyard Haven, Massachusetts

Local Vineyard Haven Business Loan Sources

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

Other Lending Resources for Vineyard Haven Businesses

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

Tips for Getting a Business Loan in Vineyard Haven

Before reaching out to 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, 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 essential. 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, 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 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

Take the time to learn as much as you can about Raising Money. To get started, we recommend you read Getting a Small Business Loan.