These materials were prepared for entrepreneurs in Whitehall, New York who are interested in getting debt financing.
Local Whitehall Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Whitehall.
Small Business Bank |
Recent SBA Loans |
Citizens Bank |
|
Business Loan Providers for Whitehall Businesses
This is a list of banks outside of Whitehall, New York that have provided SBA loans to Whitehall businesses. Some of these may be national banks with local branch locations.
Whitehall Business Loan Advice
Before contacting 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, describe what the money will finance, and show how you plan to pay the loan back to the bank.
A well-defined business plan is essential. If the capital is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 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 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
If you are serious about Raising
Money, you need to educate yourself. If you haven't read it
already, we recommend you review
Angel Investors.
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