Small Business Lenders in Skowhegan, Maine

Local Skowhegan Lenders

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

Lenders for Skowhegan Businesses

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

Business Loan Advice for Skowhegan Businesses

As a prerequisite to meeting with banks to get a bank loan, you will need to develop the specifics of your loan request.

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 bank loan is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to to guarantee the loan 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 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 all about assisting small business owners, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, we would suggest you read 504 Loans.