Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Chesapeake Beach, Maryland Business Loan

 
Loan Census SBA Loan Info

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

We wrote this article for small business proprietors in Chesapeake Beach, Maryland who are interested in getting debt financing.

Local Chesapeake Beach Lending Resources

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

Small Business Bank Recent SBA Loans
Calvert Bank & Trust Company  

Other Lending Resources for Chesapeake Beach Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
3
Community Bank Of Tri-county
Waldorf, MD
1
Newtek Small Business Finance Inc.
New York, NY
1
Suntrust Bank
Richmond, VA
1

Chesapeake Beach Business Loan Advice

Before meeting with lenders for a loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the lender.

Having a 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, 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 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

Make it a priority to learn as much as you can about Raising Money. For starters, we recommend you read Business Line of Credit.

More Business Loan Info for Maryland
Get a Business Loan in Catonsville
Get a Business Loan in Chevy Chase

Browse All Business Loan Sources for Maryland