Kennebunk, Maine Small Business Loans

Local Kennebunk Lending Resources

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

Other Lending Resources for Kennebunk Businesses

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

Kennebunk Bank Loan Tips

Prior to contacting banks 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 bank.

A well-defined business plan is an important prerequisite. If the financing is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 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 the banks in our list are SBA lenders. Before meeting with the banker, you may want to read up on 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

Our Gaebler.com site is all about providing advice to entrepreneurs, and we have a lot of resources related to to Raising Money. For example, we would suggest you read Bank Credit Lines.