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March 28, 2024  
 
 
  Business Loan Information  
 

North Merrick, New York Business Loan

 
Loan Census SBA Loan Info

Raising money in North Merrick, New York? If so, you'll want to talk to some of these small business lenders in North Merrick.

These materials were prepared for small business owners in North Merrick, New York who are interested in getting a small business loan.

Lenders for North Merrick Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Providence, RI
3

North Merrick Business Loan Advice

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

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the money back to the bank.

Being able to present a well-written business plan is essential. If the loan is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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, 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 look at your personal credit report 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. Prior to visiting local banks, you may want to read up on 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 planning on Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review Only Idiots Send Venture Capitalists Business Plans.

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