Loan Census Banking News and Information
July 16, 2020  
  Business Loan Information  

Small Business Lenders in Toronto, Ohio

Loan Census SBA Loan Info

Small business loans in Toronto, Ohio are available. You just need to talk to the right bank.

If you are looking for a small business loan and your business is based in Toronto, Ohio, we've assembled a list of local small business banks that you should contact.

SBA Lenders for Toronto Businesses

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

Small Business Bank Recent SBA Loans
Home Savings & Loan Co - Youn
Youngstown, OH
Jpmorgan Chase Bank
Houston, TX
Keybank National Association
Cleveland, OH
National City Bank
Cleveland, OH
The Huntington National Bank
Columbus, OH
The Huntington National Bank
Salineville, OH
The Huntington National Bank
Toledo, OH

Business Loan Advice for Toronto Businesses

Before reaching out to banks for a 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

A well-defined business plan is is critically important. If the capital is to for a company that is already doing 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to pledge your personal assets, such as your individual retirement account or pension plan. 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. 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. Advice on Raising Money

Our site is passionate about assisting entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we would suggest you read 504 Loans.

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