Gloversville, New York Small Business Loans

Prior to reaching out to lenders to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the lender.

Being able to present a well-written business plan is essential. If the loan is to for a going concern, 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 to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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.

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

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