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

Hancock, Maryland Business Loan

 
Loan Census SBA Loan Info

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

We wrote this article for small business proprietors in Hancock, Maryland who are interested in getting a small business loan.

Local Hancock Banks

Without further adieu, here's our list of small business banks in Hancock.

Small Business Bank Recent SBA Loans
Allfirst Bank  
Citizens National Bank Dgnn Hancock  
Hancock Community Bank  
Home Federal Savings Bank  

Lenders for Hancock Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
Richmond, VA
1
Manufacturers & Traders Trust
Towson, MD
1
Susquehanna Bank
Hagerstown, MD
1

Hancock Business Loan Advice

Before contacting banks to get a bank loan, you will need to develop the specifics of your loan request.

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 intend to to pay the loan back to the bank.

Having a business plan is an important prerequisite. If the money 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 guarantee 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, you will likely be asked to secure the business with your personal assets, such as your individual retirement account or pension plan. 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 are SBA lenders. 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

If you are new to our Gaebler.com site, you should know that we are devoted to assisting entrepreneurs, and we have a lot of resources related to to Raising Money. For example, we recommend you read Business Incubators.

More Business Loan Info for Maryland
Get a Business Loan in Hampstead
Get a Business Loan in Havre De Grace

Browse All Business Loan Sources for Maryland