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March 28, 2024  
 
 
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Business Loan St. Albans, Vermont

 
Loan Census SBA Loan Info

I need a loan for my business in St. Albans, Vermont! If that's what's on your mind, you've come to the right place.

We wrote this article for small business owners in St. Albans, Vermont who are interested in getting a small business loan.

Lenders for St. Albans Businesses

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

Small Business Bank Recent SBA Loans
Chittenden Trust Company
Burlington, VT
7
Keybank National Association
Cleveland, OH
3
Peoples Tr Co - St. Albans
Saint Albans, VT
4
Rbs Citizens
Providence, RI
1
Td Banknorth
Portland, ME
1
Td Banknorth
Williston, VT
1
Union Bank
Morrisville, VT
1

Tips for Getting a Business Loan in St. Albans

Before contacting banks 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, describe what the money will finance, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the capital is to for a going concern, 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 pledge 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 you sit down to talk with a small business 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

Our Gaebler.com site is dedicated to providing advice to entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read How Much Venture Capital Is There?.

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