Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Cherry Tree, Pennsylvania Business Loan

 
Loan Census SBA Loan Info

Raising money in Cherry Tree, Pennsylvania? If so, you'll want to talk to some of these small business lenders in Cherry Tree.

We wrote this article for small business proprietors in Cherry Tree, Pennsylvania who are interested in getting debt financing.

Local Cherry Tree Business Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Cherry Tree.

Small Business Bank Recent SBA Loans
First Commonwealth Bank - Cherry Tree  
First Federal Savings & Loan Associtn of Grne County  
First National Bank  

Other Lending Resources for Cherry Tree Businesses

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

Small Business Bank Recent SBA Loans
First Commonwealth Bank
Hollidaysburg, PA
3
First National Bank - Pennsylvania
Hermitage, PA
1

Cherry Tree Business Loan Advice

Before reaching out to banks for a loan, you will need to develop the specifics of your loan request.

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 your ability to pay the money back to the bank.

Having a business plan is is critically important. If the bank loan is to for a company that is already doing 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, the bank may ask you to to secure the business with your personal assets, such as your individual retirement account or pension plan. The banks will look at your personal credit report 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 planning on Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Only Idiots Send Venture Capitalists Business Plans.

Business Loan Sources for Other Cities in Pennsylvania
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