Loan Census Banking News and Information
May 23, 2019  
  Business Loan Information  

Bridgeport, Michigan Business Loan

Loan Census SBA Loan Info

Getting a business loan in Bridgeport, Michigan seems challenging at first, but we're here to help you get started.

We wrote this article for entrepreneurs in Bridgeport, Michigan who are interested in getting a small business loan.

Local Bridgeport Lenders

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

Small Business Bank Recent SBA Loans
Bank One  

SBA Lenders for Bridgeport Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
New York, NY
Citizens Bank
Flint, MI
National City Bank
Bannockburn, IL

Bridgeport Business Loan Advice

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 explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the bank loan is to for a going concern, 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to to guarantee the loan 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 the banks in our list are SBA lenders. Before meeting with the banker, you may want to read up on 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. Advice on Raising Money

Our site is passionate about helping entrepreneurs, and we have a lot of resources related to to Raising Money. If raising money is on your to-do list, we would suggest you read Business Incubators.

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