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

Magnolia, New Jersey Small Business Loans

 
Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Magnolia, New Jersey, we've put together a list of local small business banks that you should contact.

Banks that Lend to Magnolia Businesses

This is a list of banks outside of Magnolia, New Jersey 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
Bank Of America
Charlotte, NC
1
Commerce Bank
Philadelphia, PA
2
Jpmorgan Chase Bank
Houston, TX
1
Pnc Bank, National Association
Philadelphia, PA
1
Rbs Citizens
Providence, RI
3
The Bank
Woodbury, NJ
1

Magnolia Bank Loan Tips

Before contacting lenders 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, describe what the money will finance, and show your ability to pay the loan back to the lender.

Being able to present a well-written business plan is an important prerequisite. 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 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 you sit down to talk with a small business 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

Gaebler.com is a site that is all about aiding entrepreneurs, and we have a lot of resources related to to Raising Money. If you want to learn about raising money, one article that might be of interest to you is 504 Loans.

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