Loan Census Banking News and Information
June 19, 2021  
 
 
  Business Loan Information  
 

Torrington, Connecticut Small Business Loans

 
Loan Census SBA Loan Info

Raising money in Torrington, Connecticut? If so, you'll want to talk to some of these small business lenders in Torrington.

If you are hoping to get a small business loan and your business is based in Torrington, Connecticut, we've assembled a list of local small business banks that you should contact.

Local Torrington Banks

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

Small Business Bank Recent SBA Loans
1st National Bank - Litchfield 6
American Home Mortgage  
American Savings Bank  
Banknorth Connecticut  
First National Bank of Litchfield  
Leolends.com  
Litchfield Bancorp 2
Northwest Community Bank - Torrington Office  
People's Bank - People's Bank Torrington Stop & Shop  
People's Bank - People's Financial Center  
People's Securities Inc  
Torrington Savings Bank  
Webster Bank  

Lenders for Torrington Businesses

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

Small Business Bank Recent SBA Loans
1st National Bank - Litchfield
Litchfield, CT
10
Banco Popular North America
New York City, NY
2
Bank Of America
Charlotte, NC
4
Bank Of America
Providence, RI
14
Business Loan Center, LLC
New York, NY
1
Capital One
Mclean, VA
3
Cit Small Business Lending Corp
Livingston, NJ
8
Connecticut River Commun Bk
Wethersfield, CT
2
Home Loan Invest Bank F.s.b.
Warwick, RI
1
Hsbc Bank Usa
Buffalo, NY
1
Jpmorgan Chase Bank
Houston, TX
1
Newalliance Bank
New Haven, CT
1
Newtek Small Business Finance Inc.
New York, NY
1
Northwest Community Bank
Winsted, CT
5
People's United Bank
Bridgeport, CT
2
Rbs Citizens
Providence, RI
2
Sovereign Bank
Villanova, PA
1
Sovereign Bank
Wyomissing, PA
2
Td Banknorth
Portland, ME
4
Thomaston Savings Bank
Thomaston, CT
7
Unity Bank
Clinton, NJ
1
Ups Capital Business Credit
Windsor, CT
1
Webster Bank
Waterbury, CT
3

Torrington Bank Loan Tips

As a prerequisite to reaching out to 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 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 loan is to for an existing business, 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 pledge 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 are SBA lenders. Before meeting with the banker, you may want to do your homework 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

Invest the time to learn as much as you can about Raising Money. For starters, we suggest you read Getting a Small Business Loan.

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