Waterville, New York Business Loan

Local Waterville Lending Resources

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

Lenders for Waterville Businesses

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

Waterville Business Loan Advice

As a prerequisite to meeting with lenders for a 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 lender.

Being able to present a well-written business plan is an important prerequisite. If the bank loan is to for a company that is already doing business, 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 secure the business 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 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 devoted to assisting small business owners, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read How Equity Dilution Works.