If you are planning on applying for a small business loan and your business is based in Chilo, Ohio, we've assembled a list of local small business banks that you should contact.
Business Loan Providers for Chilo Businesses
This is a list of banks outside of Chilo, Ohio that have provided SBA loans to Chilo businesses. Some of these may be national banks with local branch locations.
Chilo Bank Loan Tips
Before meeting with banks to get a bank loan, you will need to develop the specifics of your loan request.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the money back to the bank.
A well-defined business plan is essential. If the capital is to for a company that is already doing business, 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, the bank may ask you to to pledge your personal assets, such as your individual retirement account or pension plan. 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.
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