This article is written specifically for entrepreneurs in Wilmington, Delaware who are interested in getting debt financing.
As a prerequisite to contacting 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, define how the money will be used, and show your ability to pay the loan back to the bank.
A well-defined business plan is essential. If the financing 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 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, the bank may ask you to to secure the business 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 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.
To help you learn more about local small business lenders, here's our list of small business banks in Wilmington.
| Small Business Bank |
Recent SBA Loans |
| 1st State Mortgage Corporation |
|
| Artisan's Bank |
|
| Artisans' Bank |
11 |
| Artisans Savings Bank |
|
| Bank One Center On the Riverfront |
|
| Beneficial National Bank USA |
|
| Chase Manhattan Bank |
|
| Christiana Bank & Trust Company |
|
| Citizens Bank |
|
| Collison Terry |
|
| Commerce Bank |
|
| Crusader Mortgage Corporation |
|
| Delaware Community Reinvestment Action Council |
|
| Delaware National Bank |
|
| Delaware Savings Bank FSB |
|
| Dexsta Federal Credit Union |
|
| Equity Plus Inc |
|
| FCC National Bank |
|
| First Bank Of Delaware |
2 |
| First Union |
|
| Gartmore Global Investments Inc |
|
| GMAC Bank |
|
| Horty James A III |
|
| Hsbc Bk Usa Natl Assoc |
1 |
| J P Morgan Trust Company of Delaware |
|
| Joyner- Christopher |
|
| Juniper Bank |
|
| Lehman Brothers Bank, FSB |
457 |
| Lewis- John A |
|
| Louviers Mortgage Corporation |
|
| Mac |
|
| Mellon Financial Corporation |
|
| Money Access Service Inc |
|
| National's-PayDay Loans |
|
| Neuberger & Berman Trust CO |
|
| New York Private Bank & Trust |
|
| Nova Trust |
|
| Parkwood Trust Company |
|
| Pfpc Inc |
|
| PNC Bank - Branch Locations- Wilmington- Brandywine Banking Center |
|
| PNC Bank - Branch Locations- Wilmington- Main Office |
|
| PNC Bank - Branch Locations- Wilmington- Second & Union |
|
| PNC Bank - Branch Locations- Wilmington- Talleyville |
|
| PNC Bank - New Castle County- Branch Offices- Branch Locations- Wilmington- Els |
|
| PNC Commercial Management Inc |
|
| PNC Equities Corporation |
|
| Power Funds |
|
| Preferred Capital Bidco, Inc. |
78 |
| Questpoint |
|
| Republic Overseas Banks Holding Corporation |
|
| Roberts Brokaw LLC |
|
| Rockefeller Trust CO |
|
| Rockerfeller Trust CO |
|
| Roxborough Manyunk Bank |
|
| SEI Private Trust CO |
|
| Sovereign Bank |
|
| Sun National Bank |
2 |
| The Peoples Bank of Oxford |
|
| Third Capital Inc |
|
| Tiedemann Trust CO |
|
| Trident Financial Llc |
|
| Tritaik- Nicole J |
|
| US Bank Corporate Trust Services |
|
| US Trust CO of Delaware |
|
| Victor- John C |
|
| Wachovia Mortgage Corporation |
|
| Wells Fargo |
|
| Wilmington Brokerage Services |
3 |
| Wilmington Savings Fund Societ |
72 |
| Wilmington Trust Company |
147 |
| Wilmington Trust Corporation |
4 |
| Wsfs Financial Corp. |
6 |
More Advice on Raising Money
This website is devoted to aiding small business owners, and we have a
lot of useful articles about to Raising
Money. To learn more, one article that might be of interest to you is 504 Loans.
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