Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Waterville, New York Business Loan

 
Loan Census SBA Loan Info

Getting a business loan in Waterville, New York seems challenging at first, but we're here to help you get started.

We wrote this article for small business owners in Waterville, New York who are interested in getting debt financing.

Local Waterville Lending Resources

To help you learn more about local small business lenders, here's our list of small business banks in Waterville.

Small Business Bank Recent SBA Loans
First Pioneer Farm Credit ACA  

Lenders for Waterville Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Providence, RI
1
Capital One
Mclean, VA
1
First Niagara Bank
Lockport, NY
1
Hsbc Bank Usa
Buffalo, NY
1
Nbt Bank, National Association
Norwich, NY
1
Rbs Citizens
Providence, RI
1

Waterville Business Loan Advice

As a prerequisite to meeting with lenders for a 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the bank loan is to for a company that is already doing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 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 you sit down to talk with a small business banker, 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

Our Gaebler.com site is devoted to assisting small business owners, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read How Equity Dilution Works.

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