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March 28, 2024  
 
 
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Business Loan Moodus, Connecticut

 
Loan Census SBA Loan Info

Getting a business loan in Moodus, Connecticut seems challenging at first, but we're here to help you get started.

This article is written specifically for small business owners in Moodus, Connecticut who are interested in getting debt financing.

Banks that Lend to Moodus Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Providence, RI
2
Liberty Bank
Middletown, CT
3
Ncb, FSB
Hillsboro, OH
1
People's United Bank
Bridgeport, CT
1
Pnc Bank, National Association
Pittsburgh, PA
1
Rbs Citizens
Providence, RI
3
Td Banknorth
Portland, ME
2

Tips for Getting a Business Loan in Moodus

Prior to meeting with banks for a loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the money back to the bank.

Being able to present a well-written business plan is is critically important. If the money is to for a company that is already doing business, 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 to guarantee the loan 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 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

If you are planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Attracting Investors.

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