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March 29, 2024  
 
 
  Business Loan Information  
 

Business Loan Greensboro, Maryland

 
Loan Census SBA Loan Info

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

These materials were prepared for small business owners in Greensboro, Maryland who are interested in getting debt financing.

Local Greensboro Banks

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

Small Business Bank Recent SBA Loans
BB & T - Branches- Greensboro  
Farmers Bank of Maryland  

SBA Lenders for Greensboro Businesses

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

Small Business Bank Recent SBA Loans
Easton Bank And Trust Company
Easton, MD
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Tips for Getting a Business Loan in Greensboro

As a prerequisite to meeting with banks to discuss getting 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

Being able to present a well-written business plan is essential. If the 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 secure 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 pledge 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 the banks in our list participate in the financial assistance programs available through the SBA. Before meeting with the 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

Invest the time to learn as much as you can about Raising Money. For starters, we suggest you read Borrowing Money from Friends and Family.

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