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March 28, 2024  
 
 
  Business Loan Information  
 

Business Loan Randolph, New York

 
Loan Census SBA Loan Info

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

This article is written specifically for entrepreneurs in Randolph, New York who are interested in getting a small business loan.

Local Randolph Banks

Without further adieu, here's our list of small business banks in Randolph.

Small Business Bank Recent SBA Loans
Cattaraugus County Bank  
Community Bank NA  

Banks that Lend to Randolph Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
1
Community Bank
Canton, NY
1
Community Bank
Silver Creek, NY
1

Tips for Getting a Business Loan in Randolph

Prior to reaching out to banks to get a bank loan, you will need to have a specific plan.

You need to be able to clearly explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

A well-defined business plan is is critically important. If the bank loan 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to secure the business with your personal assets, such as the equity in your home. 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 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 serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Borrowing Money from Friends and Family.

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