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

Small Business Lenders in Milford, Maine

 
Loan Census SBA Loan Info

I need a loan for my business in Milford, Maine! If that's what's on your mind, you've come to the right place.

If you are looking for a small business loan and your business is based in Milford, Maine, we've assembled a list of local small business banks that you should contact.

Lenders for Milford Businesses

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

Small Business Bank Recent SBA Loans
Bangor Savings Bank
Bangor, ME
2

Business Loan Advice for Milford Businesses

Before contacting banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.

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.

Having a business plan is is critically important. If the loan is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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 stocks and bonds that you might own or life insurance policies. 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 get up to speed 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 assisting entrepreneurs, and we have a lot of information pertaining to to Raising Money. To learn more, we would suggest you read Only Idiots Send Venture Capitalists Business Plans.

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