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

Funkstown, Maryland Small Business Loans

 
Loan Census SBA Loan Info

Small business loans in Funkstown, Maryland are available. You just need to talk to the right bank.

If you are hoping to get a small business loan and your business is based in Funkstown, Maryland, we've put together a list of local small business banks that you should contact.

Other Lending Resources for Funkstown Businesses

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

Small Business Bank Recent SBA Loans
Innovative Bank
Oakland, CA
1
Pnc Bank, National Association
Philadelphia, PA
1

Funkstown Bank Loan Tips

Before reaching out to lenders to get 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, 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 an important prerequisite. If the money 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 secure the business with your personal assets, such as your individual retirement account or pension plan. 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 participate in the financial assistance programs available through the SBA. 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

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review How Much Venture Capital Is There?.

More Business Lender Lists for Maryland Cities
Get a Business Loan in Frostburg
Get a Business Loan in Gaithersburg

Browse All Business Loan Sources for Maryland