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

Mexico, New York Business Loan

 
Loan Census SBA Loan Info

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

These materials were prepared for small business proprietors in Mexico, New York who are interested in getting a bank loan.

Lenders for Mexico Businesses

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

Small Business Bank Recent SBA Loans
Alliance Bank
Oswego, NY
2
Capital One
Mclean, VA
1
First Niagara Bank
Lockport, NY
1
Fulton Savings Bank
Fulton, NY
1
Jpmorgan Chase Bank
Houston, TX
2
Manufacturers & Traders Trust
Buffalo, NY
2
Pathfinder Bank
Oswego, NY
2
Valley National Bank
North Plainfield, NJ
2
Wells Fargo Bank
San Jose, CA
1

Mexico Business Loan Advice

Before reaching out to lenders 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 how you intend to to pay the loan back to the lender.

Having a business plan is is critically important. If the bank loan is to for a company that is already doing 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 to guarantee the loan with 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

Make the effort and learn as much as you can about Raising Money. For starters, we recommend you read Angel Investors.

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