Business Loan Woodcliff Lake, New Jersey

Local Woodcliff Lake Lending Resources

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

Other Lending Resources for Woodcliff Lake Businesses

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

Tips for Getting a Business Loan in Woodcliff Lake

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

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

If the business has few assets, you will likely be asked 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 the banks in our list participate in the financial assistance programs available through the SBA. Prior to visiting local banks, you may want to do your homework 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 passionate about helping 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 Getting a Small Business Loan.