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March 28, 2024  
 
 
  Business Loan Information  
 

Business Loan West Sand Lake, New York

 
Loan Census SBA Loan Info

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

These materials were prepared for small business proprietors in West Sand Lake, New York who are interested in getting a bank loan.

Other Lending Resources for West Sand Lake Businesses

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

Small Business Bank Recent SBA Loans
Manufacturers & Traders Trust
Amherst, NY
3

Tips for Getting a Business Loan in West Sand Lake

Before reaching out to 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, define how the money will be used, and show your ability to pay the loan back to the bank.

Having a business plan is essential. If the loan is to for a going concern, 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 to guarantee the loan with 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 meeting with the 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

Take the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Only Idiots Send Venture Capitalists Business Plans.

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