This article is written specifically for small business owners in West Cape May, New Jersey who are interested in getting a small business loan.
Lenders for West Cape May Businesses
This is a list of banks outside of West Cape May, New Jersey that have provided SBA loans to West Cape May businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in West Cape May
Prior to reaching out to banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.
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 your ability to pay the loan back to the bank.
Being able to present a well-written business plan is is critically important. If the loan is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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, you will likely be asked to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. 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. Prior to visiting local banks, 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
Our Gaebler.com site is dedicated to aiding entrepreneurs, and we have a
lot of resources related to to Raising
Money. For example, one article that might be of interest to you is Getting a Small Business Loan.
More Business Loan Info for New Jersey
Get a Business Loan in West Caldwell
Get a Business Loan in West Milford
Browse All Business Loan Sources for New Jersey