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

Essex, Maryland Business Loan

 
Loan Census SBA Loan Info

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

This article is written specifically for entrepreneurs in Essex, Maryland who are interested in getting a small business loan.

Local Essex Banks

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

Small Business Bank Recent SBA Loans
Baltimore County Savings Bank FSB - Essex- Hamilton Ofc- Mortgage and Consumer Loan  
First National Bank of Maryland 347-6000  
M & T Bank - Branches- Baltimore  
Provident Bank  

Banks that Lend to Essex Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
8
Bank Of The West
San Francisco, CA
1
Business Loan Center, LLC
Richmond, VA
1
Capital One
Mclean, VA
1
Chesapeake Bank Of Maryland
Baltimore, MD
1
Eaglebank
Bethesda, MD
1
Innovative Bank
Oakland, CA
3
K Bank
Pasadena, MD
1
Manufacturers & Traders Trust
Buffalo, NY
2
Pnc Bank, National Association
Pittsburgh, PA
1
Regal Bank & Trust
Owings Mills, MD
1

Essex Business Loan Advice

Before meeting with lenders to discuss getting a bank 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the lender.

A well-defined business plan is is critically important. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 secure the business with your personal assets, such as your individual retirement account or pension plan. 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. Prior to visiting local banks, 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. To get started, we suggest you read Find Start-Up Capital.

Business Loan Sources for Other Cities in Maryland
Get a Business Loan in Ellicott City
Get a Business Loan in Fallston

Browse All Business Loan Sources for Maryland