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

New Milford, Pennsylvania Small Business Loans

 
Loan Census SBA Loan Info

I need a loan for my business in New Milford, Pennsylvania! 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 New Milford, Pennsylvania, we've assembled a list of local small business banks that you should contact.

Lenders for New Milford Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Providence, RI
1
Fidelity Deposit & Discount Bk
Dunmore, PA
1
Pennstar Bank, A Division Of
Scranton, PA
1

New Milford Bank Loan Tips

As a prerequisite to meeting with lenders to discuss getting 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 how you intend to to pay the loan back to the lender.

Being able to present a well-written business plan is essential. If the money is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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 these banks participate in the financial assistance programs available through the SBA. 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 new to our Gaebler.com site, you should know that we are deeply committed to providing advice to entrepreneurs, and we have a lot of information pertaining to to Raising Money. If raising money is on your to-do list, we recommend you read Bank Credit Lines.

Business Loan Sources for Other Cities in Pennsylvania
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