Lack of capital can stymie an otherwise viable growing small business with excellent growth potential. Hence, the creation of SBA loans to assist small business owners and entrepreneurs with solid business acumen. And, certain banks welcome you at the door.
New York-based M&T Bank has purchased eight Richmond, VA, branches of Provident bank, which reportedly is one of the SBA friendly lenders. Richmond BizSense reports:
Eight local bank branches previously operated by Maryland-based Provident Bank are under new ownership.
Those banks are now run by New York-based M&T Bank and have been open under the new name for about two weeks. M&T, which also acquired three former Provident branches in Fredericksburg, has a reputation for being a big lender for SBA loans, which could be a welcome sight for local entrepreneurs.
The purchase was valued at $401 million, according to the Albany Business Review . M&T had $64.9 billion in assets as of March 31; Provident had $6.5 billion in assets at that time. << Full Richmondbizsense.com story here >>
So, what do you need to do to get an SBA loan to grow your business? Start with a complete and compelling business plan that includes solid financial and marketing plans. A bank’s first impression of your company is your business plan. Get it right the first time, get capital and grow your business.