If you are looking for a small business loan and your business is based in Cumberland Hill, Rhode Island, we've put together a list of local small business banks that you should contact.
SBA Lenders for Cumberland Hill Businesses
This is a list of banks outside of Cumberland Hill, Rhode Island that have provided SBA loans to Cumberland Hill businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Cumberland Hill Businesses
Prior to meeting with banks for a 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.
Being able to present a well-written business plan is an important prerequisite. If the loan is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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, you will likely be asked to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will look at your personal credit report 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 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 devoted to assisting entrepreneurs, and we have a
lot of useful articles about to Raising
Money. If you want to learn about raising money, we would suggest you read Microlending as a Small Business Funding Source.
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