Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Milford, New Jersey

 
Loan Census SBA Loan Info

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

If you are hoping to get a small business loan and your business is based in Milford, New Jersey, we've assembled a list of local small business banks that you should contact.

Local Milford Business Loan Sources

To assist you in finding a small business banker, here's our list of small business banks in Milford.

Small Business Bank Recent SBA Loans
Hudson United Bank  
Little Falls Savings Bank  

Other Lending Resources for Milford Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Providence, RI
3
Capital One
Mclean, VA
2
Columbia Bank
Paramus, NJ
1
Commerce Bank
Flemington, NJ
1
Commerce Bank
Philadelphia, PA
2
Sun National Bank
Vineland, NJ
1
Unity Bank
Clinton, NJ
1

Business Loan Advice for Milford Businesses

Prior to reaching out to lenders to get 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, describe what the money will finance, and show how you plan to pay the loan back to the lender.

A well-defined business plan is an important prerequisite. If the bank 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to 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 are SBA lenders. 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 passionate about aiding entrepreneurs, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, we recommend you read Business Credit Evaluation.

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