This article is written specifically for small business proprietors in Brewster, Ohio who are interested in getting debt financing.
SBA Lenders for Brewster Businesses
This is a list of banks outside of Brewster, Ohio that have provided SBA loans to Brewster businesses. Some of these may be national banks with local branch locations.
Brewster Business Loan Advice
Prior to meeting with banks to get 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.
Having a business plan is essential. If the loan 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 cash flow from the business does not meet your projections.
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 these banks are SBA lenders. Prior to visiting local banks, 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.
Gaebler.com Advice on Raising Money
Take the time to learn as much as you can about Raising
Money. To get started, we suggest you read
Borrowing Money from Friends and Family.
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