We wrote this article for small business owners in Bradford, Ohio who are interested in getting a small business loan.
Local Bradford Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Bradford.
|Small Business Bank
||Recent SBA Loans
|Covington Savings & Loan
|Fifth Third Bank
Business Loan Providers for Bradford Businesses
This is a list of banks outside of Bradford, Ohio that have provided SBA loans to Bradford businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Bradford
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 explain your business, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the loan back to the bank.
Being able to present a well-written business plan is is critically important. If the loan is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to guarantee 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 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 the banks in our list are SBA lenders. Before you sit down to talk with a small business banker, you may want to get up to speed 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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