Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Concord, Michigan

 
Loan Census SBA Loan Info

I need a loan for my business in Concord, Michigan! If that's what's on your mind, you've come to the right place.

If you are hoping to get a small business loan and your business is based in Concord, Michigan, we've assembled a list of local small business banks that you should contact.

Business Loan Providers for Concord Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
Richmond, VA
1
Fifth Third Bank
Grand Rapids, MI
1

Business Loan Advice for Concord Businesses

Prior to reaching out to banks to discuss getting a bank 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.

Having a business plan is is critically important. If the financing is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know what collateral you have available to guarantee 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 to guarantee the loan 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 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

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review How Much Venture Capital Is There?.

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