Westbury, New York Business Loan

Local Westbury Lenders

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

Lenders for Westbury Businesses

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

Westbury Business Loan Advice

Prior to contacting banks to get 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, describe what the money will finance, and show your ability to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the money is to for a company that is already doing business, you should also have financial statements covering the last three years. You will also need to discuss 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 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 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.

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If you are serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Realistic Debt Financing Options.