Loan Census Banking News and Information
June 30, 2022  
  Business Loan Information  

Magnolia, Delaware Business Loan

Loan Census SBA Loan Info

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

These materials were prepared for entrepreneurs in Magnolia, Delaware who are interested in getting debt financing.

Other Lending Resources for Magnolia Businesses

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

Small Business Bank Recent SBA Loans
Pnc Bank, National Association
Philadelphia, PA
Pnc Bank, National Association
Pittsburgh, PA
Rbs Citizens
Providence, RI
Wilmington Trust Company
Wilmington, DE

Magnolia Business Loan Advice

As a prerequisite to meeting with banks to discuss getting 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 your ability to pay the loan back to the bank.

A well-defined business plan is essential. If the financing 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 pledge your personal assets, such as your individual retirement account or pension plan. 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 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. Advice on Raising Money

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review SBIR Funding.

Business Loan Sources for Other Cities in Delaware
Get a Business Loan in Hockessin
Get a Business Loan in Middletown

Browse All Business Loan Sources for Delaware