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

Edwardsburg, Michigan Small Business Loans

 
Loan Census SBA Loan Info

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

If you are planning on applying for a small business loan and your business is based in Edwardsburg, Michigan, we've assembled a list of local small business banks that you should contact.

Local Edwardsburg Business Loan Sources

To assist you in finding a small business banker, here's our list of small business banks in Edwardsburg.

Small Business Bank Recent SBA Loans
Chemical Bank Shoreline  

Banks that Lend to Edwardsburg Businesses

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

Small Business Bank Recent SBA Loans
1st Source Bank
South Bend, IN
1
Chemical Bank
Benton Harbor, MI
1
Citizens Bank
Flint, MI
1
Fifth Third Bank
Grand Rapids, MI
1
Jpmorgan Chase Bank
Houston, TX
2
Wells Fargo Bank
Minneapolis, MN
1

Edwardsburg Bank Loan Tips

Prior to contacting lenders to get 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, describe what the money will finance, and show your ability to pay the loan back to the lender.

Having a business plan is an important prerequisite. If the loan is to for a company that is already doing business, 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 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.

Gaebler.com Advice on Raising Money

Take the time to learn as much as you can about Raising Money. To get the ball rolling, we recommend you read Angel Investors.

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