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

Small Business Lenders in Lansing, New York

 
Loan Census SBA Loan Info

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

If you are planning on applying for a small business loan and your business is based in Lansing, New York, we've assembled a list of local small business banks that you should contact.

Banks that Lend to Lansing Businesses

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

Small Business Bank Recent SBA Loans
Chemung Canal Trust Company
Elmira, NY
1
First Niagara Bank
Ithaca, NY
1
Manufacturers & Traders Trust
Buffalo, NY
3

Business Loan Advice for Lansing Businesses

Prior to contacting banks 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, describe what the money will finance, and show your ability to pay the loan back to the bank.

A well-defined business plan is essential. If the 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 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 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 get up to speed 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

Our Gaebler.com site is deeply committed to aiding entrepreneurs, and we have a lot of information pertaining to to Raising Money. If you want to learn about raising money, we would suggest you read Getting a Small Business Loan.

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