If you are planning on applying for a small business loan and your business is based in North Bennington, Vermont, we've assembled a list of local small business banks that you should contact.
Local North Bennington Business Loan Sources
To assist you in finding a small business banker, here's our list of small business banks in North Bennington.
Small Business Bank |
Recent SBA Loans |
Merchants Bank |
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Business Loan Providers for North Bennington Businesses
This is a list of banks outside of North Bennington, Vermont that have provided SBA loans to North Bennington businesses. Some of these may be national banks with local branch locations.
North Bennington Bank Loan Tips
Prior to contacting 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, describe what the money will finance, and show how you plan to pay the loan back to the bank.
A well-defined business plan is an important prerequisite. If the bank loan is to for an existing 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 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. Prior to visiting local banks, 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
Make the effort and learn as much as you can about Raising
Money. To get the ball rolling, we recommend you read
Bank Credit Lines.
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