Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Cleveland, New York Business Loan

 
Loan Census SBA Loan Info

Small business loans in Cleveland, New York are available. You just need to talk to the right bank.

We wrote this article for small business proprietors in Cleveland, New York who are interested in getting a small business loan.

Banks that Lend to Cleveland Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Providence, RI
2
Capital One
Mclean, VA
1
Rbs Citizens
Providence, RI
1

Cleveland Business Loan Advice

Before meeting with lenders to get a bank loan, you will need to have a specific plan.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the money back to the lender.

Having a business plan is an important prerequisite. 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, you will likely be asked 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 these banks participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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.

Gaebler.com Advice on Raising Money

Take the time to learn as much as you can about Raising Money. To get started, we recommend you read Investor Turnoffs.

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