Wellesley Hills, Massachusetts Business Loan

Local Wellesley Hills Lenders

To assist you in finding a small business banker, here's our list of small business banks in Wellesley Hills.

Lenders for Wellesley Hills Businesses

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

Wellesley Hills Business Loan Advice

Before contacting lenders 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 lender.

A well-defined business plan is is critically important. 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 guarantee 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 pledge 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. Before you sit down to talk with a small business 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

If you are new to our Gaebler.com site, you should know that we are deeply committed to aiding small business owners, and we have a lot of information pertaining to to Raising Money. For example, one article that might be of interest to you is Borrowing Money from Friends and Family.