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March 29, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Cordova, Maryland

 
Loan Census SBA Loan Info

Getting a business loan in Cordova, Maryland seems challenging at first, but we're here to help you get started.

If you are planning on applying for a small business loan and your business is based in Cordova, Maryland, we've put together a list of local small business banks that you should contact.

Business Loan Providers for Cordova Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
1
Easton Bank And Trust Company
Easton, MD
1

Business Loan Advice for Cordova Businesses

As a prerequisite to reaching out to lenders to discuss getting a bank 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 plan to pay the loan back to the lender.

A well-defined business plan is essential. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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 pledge 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. 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.

Gaebler.com Advice on Raising Money

Take the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Business Line of Credit.

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