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

North East, Maryland Business Loan

 
Loan Census SBA Loan Info

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

This article is written specifically for small business owners in North East, Maryland who are interested in getting debt financing.

Local North East Lending Resources

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

Small Business Bank Recent SBA Loans
Cecil Federal Bank  
Cecil Federal Savings Bank  
First Home Mortgage Corporation  
First National Bank  
Howards Market Inc  
Mercantile County Bank  

Other Lending Resources for North East Businesses

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

Small Business Bank Recent SBA Loans
Pnc Bank, National Association
Elkton, MD
1
Pnc Bank, National Association
Pittsburgh, PA
1

North East Business Loan Advice

Prior to contacting banks to get 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, define how the money will be used, and show your ability to pay the loan back to the bank.

Being able to present a well-written business plan is is critically important. If the bank loan is to for an existing 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 you cannot repay the loan.

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. Before meeting with the banker, 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

Gaebler.com is a site that is passionate about helping entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, one article that might be of interest to you is 504 Loans.

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