This article is written specifically for small business owners in Bucyrus, Ohio who are interested in getting a small business loan.
Local Bucyrus Lenders
Without further adieu, here's our list of small business banks in Bucyrus.
|Small Business Bank
||Recent SBA Loans
|Farmers Citizens Bank
|First Federal - Main Office
|First Federal Community Bank
Banks that Lend to Bucyrus Businesses
This is a list of banks outside of Bucyrus, Ohio that have provided SBA loans to Bucyrus businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Bucyrus
Before meeting with banks for a loan, you will need to have a specific plan.
You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the loan back to the bank.
Being able to present a well-written business plan is an important prerequisite. If the capital is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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 the equity in your home. 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 participate in the financial assistance programs available through the SBA. 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.
Gaebler.com Advice on Raising Money
If you are new to our Gaebler.com site, you should know that we are deeply committed to assisting entrepreneurs, and we have a
lot of resources related to to Raising
Money. To learn more, we recommend you read 504 Loans.
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