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

Dover Plains, New York Small Business Loans

 
Loan Census SBA Loan Info

Raising money in Dover Plains, New York? If so, you'll want to talk to some of these small business lenders in Dover Plains.

If you are hoping to get a small business loan and your business is based in Dover Plains, New York, we've assembled a list of local small business banks that you should contact.

Banks that Lend to Dover Plains Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
1
Bank Of America
Providence, RI
1
Capital One
Mclean, VA
1
Manufacturers & Traders Trust
Amherst, NY
1
Manufacturers & Traders Trust
Buffalo, NY
2
Rbs Citizens
Providence, RI
1

Dover Plains Bank Loan Tips

Prior to contacting banks to get 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 how you plan to pay the loan back to the bank.

A well-defined business plan is is critically important. If the financing is to for an existing 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to secure the business 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 these banks are SBA lenders. 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

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Angel Investors.

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