Small Business Lenders in Elkton, Virginia

Local Elkton Business Lenders

Without further adieu, here's our list of small business banks in Elkton.

Business Loan Providers for Elkton Businesses

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

Business Loan Advice for Elkton Businesses

As a prerequisite to meeting with lenders for a loan, you will need to have a specific plan.

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 intend to to pay the money back to the lender.

A well-defined business plan is an important prerequisite. If the bank loan is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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, you will likely be asked to secure the business with your personal assets, such as the equity in your home. 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 are SBA lenders. Before meeting with the 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

Gaebler.com is a site that is all about assisting small business owners, and we have a lot of useful articles about to Raising Money. For example, we recommend you read 504 Loans.