We wrote this article for entrepreneurs in Selbyville, Delaware who are interested in getting a small business loan.
Local Selbyville Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Selbyville.
|Small Business Bank
||Recent SBA Loans
|Mercantile Peninsula Bank - Main Office
Banks that Lend to Selbyville Businesses
This is a list of banks outside of Selbyville, Delaware that have provided SBA loans to Selbyville businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Selbyville
Prior to meeting with banks 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 introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the money back to the bank.
A well-defined business plan is an important prerequisite. If the capital 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 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 are SBA lenders. 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.
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