Small business loans in Tompkins County are right at your fingertips...just a click away to get you started. The corporate America scenario is struggling and many entrepreneurs are finding a better way to secure their future. Starting out with a new business or increasing a current business often needs some financial assistance to build a profitable endeavor.
Business Loan Connection can get you started and help you every step of the way to obtaining the financing you need. Our lenders are ready to assist you in obtaining any of the following small business loans in the Finger Lakes Region.
BUSINESS EQUIPMENT LOAN
INVESTOR HOUSING MORTGAGE
SECURED LINE OF CREDIT
SHARE SECURED LOANS
SIGNATURE LINE OF CREDIT
SMALL BUSINESS ADMINISTRATION (SBA) GUARANTEED LOAN
STEP UP LOAN
WOMEN AND MINORITY SUBSIDIZED LOAN
WORKING CAPITAL LOAN
BusinessLoanConnection.org is a unique collaboration between community development credit unions in central and upstate New York. By connecting existing and aspiring business owners to financial and skill-building opportunities, we work to cultivate successful small businesses throughout our combined service area.
Getting Started and What Lenders Need
The changes in the economic and regulatory conditions are affecting how banks and other lenders deal with small business loans. Unlike years ago, banks now require a heavier amount of paperwork and information about a potential or existing business before they can consider the risk and potential.
The extent of financial disclosures and business plan information can come as quite a shock to first-time applicants for a small business loan in Central, New York.
“Applicants need to provide a clear and concise plan about what they want to do,” says Lee Watson, First Bank Senior Vice President and City Executive (Greenville, NC). “We need to understand what they are doing, how much money is needed, and how they plan to pay it back.”
Regardless of the current economic scene, lenders really do want to help you finance your business needs. They just need a lot more background, financials and information to confirm the viability of the risk.
Lenders will, at the very least, ask for balance sheets, profit-and-loss reports, and cash flow statements. And that’s in addition to the plan for how you will invest and repay the loan. Sounds like a lot of data to provide, but this is simply the way small business loans are formed and funded. Risk for the lender is always on the forefront. Viability and potential for the borrower's ability to repay is the next factor.
Small Business Loans In Tompkins County
Business Loan Connection works with some of the most small business loan friendly credit unions here in Central New York. Our goal is to assist you in progressing positively through the entire loan process and get you the funds and capital you need to get your business going in the right direction.
We also offer resources to new and existing business owners to prepare or update their business plans. Check out our Education page for excellent information, classes and workshops on numerous subjects. Being an informed consumer and being prepared for the challenges of applying for a small business loan will aid in the process. We are here to assist you in getting the capital you need today.
Our lending partners can be reached through our Contact page. Contact us today to get started on your way to a profitable new future with your business.