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

Lonaconing, Maryland Small Business Loans

 
Loan Census SBA Loan Info

Raising money in Lonaconing, Maryland? If so, you'll want to talk to some of these small business lenders in Lonaconing.

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

Local Lonaconing Business Loan Sources

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

Small Business Bank Recent SBA Loans
Bt&T  

Banks that Lend to Lonaconing Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
1
Susquehanna Bank
Cumberland, MD
1
Susquehanna Bank
Hagerstown, MD
2

Lonaconing Bank Loan Tips

As a prerequisite to meeting with lenders to discuss getting a bank loan, you will need to have a specific plan.

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 lender.

Having a business plan is essential. If the loan is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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, the bank may ask you to to secure the business with your personal assets, such as the equity in your home. 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 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

If you are planning on Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Bank Credit Lines.

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