If you are planning on applying for a small business loan and your business is based in Felton, Delaware, we've assembled a list of local small business banks that you should contact.
Local Felton Business Loan Sources
To help you learn more about local small business lenders, here's our list of small business banks in Felton.
|Small Business Bank
||Recent SBA Loans
|First National Bank of Wyoming - Branch
|First State Aerial Applicators Inc
|The Felton Bank
Other Lending Resources for Felton Businesses
This is a list of banks outside of Felton, Delaware that have provided SBA loans to Felton businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Felton Businesses
Before contacting lenders for a loan, you will need to have a specific plan.
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 intend to to pay the loan back to the lender.
A well-defined business plan is essential. If the loan 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 pledge your personal assets, such as the equity in your home. 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 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
Make it a priority to learn as much as you can about Raising
Money. To get the ball rolling, we recommend you read
How Equity Dilution Works.
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