Business Loan Cumberland City, Tennessee

Local Cumberland City Lenders

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

Business Loan Providers for Cumberland City Businesses

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

Tips for Getting a Business Loan in Cumberland City

Prior to contacting banks for a 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, define how the money will be used, and show your ability to pay the money back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the money 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 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 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 participate in the financial assistance programs available through the SBA. Before meeting with the 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

Gaebler.com is a site that is passionate about helping small business owners, and we have a lot of resources related to to Raising Money. To learn more, we recommend you read 504 Loans.