Business Loan Stonington, Maine

Local Stonington Lending Resources

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

Banks that Lend to Stonington Businesses

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

Tips for Getting a Business Loan in Stonington

As a prerequisite to contacting banks for a 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.

Having a business plan is is critically important. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to 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 meeting with the banker, 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

If you are new to our Gaebler.com site, you should know that we are dedicated to aiding small business owners, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, one article that might be of interest to you is 504 Loans.