Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Collinsville, Mississippi Small Business Loans

 
Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Collinsville, Mississippi, we've assembled a list of local small business banks that you should contact.

Local Collinsville Business Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Collinsville.

Small Business Bank Recent SBA Loans
Commercial Bank  
Union Planters Bank - Office Locations- Collinsville Branch  

Other Lending Resources for Collinsville Businesses

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

Small Business Bank Recent SBA Loans
Innovative Bank
Oakland, CA
1
Peoples Bank
Magee, MS
1

Collinsville Bank Loan Tips

Before contacting banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.

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 essential. If the capital 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 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 secure the business with your personal assets, such as your individual retirement account or pension plan. The banks will look at your personal credit report 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 participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to do your homework 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

Our Gaebler.com site is deeply committed to aiding small business owners, and we have a lot of useful articles about to Raising Money. If you want to learn about raising money, we would suggest you read 504 Loans.

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