Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Franklin Square, New York Business Loan

 
Loan Census SBA Loan Info

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

We wrote this article for small business owners in Franklin Square, New York who are interested in getting a bank loan.

Local Franklin Square Lending Resources

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

Small Business Bank Recent SBA Loans
Astoria Federal Savings & Loan Association  
Citibank N A  

Other Lending Resources for Franklin Square Businesses

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

Small Business Bank Recent SBA Loans
Astoria Fed. S & L Association
Lake Success, NY
1
Banco Popular North America
New York City, NY
1
Bank Of America
Charlotte, NC
4
Bank Of America
Providence, RI
11
Capital One
Mclean, VA
2
Cit Small Business Lending Corp
Livingston, NJ
1
Citibank
Las Vegas, NV
3
Citibank
New York City, NY
3
Commerce Bank
Philadelphia, PA
1
Ge Cap. Small Business Finan Corp
St. Louis, MO
1
Home Loan Invest Bank F.s.b.
Warwick, RI
1
Hsbc Bank Usa
Buffalo, NY
2
Hsbc Bank Usa
Syracuse, NY
7
Jpmorgan Chase Bank
Houston, TX
7
Manufacturers & Traders Trust
Buffalo, NY
1

Franklin Square Business Loan Advice

Before reaching out to banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show your ability to pay the money back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the capital 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 cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to to guarantee the loan with 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 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 planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review 504 Loans.

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