Loan Census Banking News and Information
July 24, 2014  
 
 
  Business Loan Information  
 

Farmington Hills, Michigan Business Loan

 
Loan Census SBA Loan Info

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

This article is written specifically for entrepreneurs in Farmington Hills, Michigan who are interested in getting a small business loan.

Local Farmington Hills Business Lenders

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

Small Business Bank Recent SBA Loans
ATM of Michigan  
Bank Of Michigan 6
Bestbank  
Carter's ATM Inc  
Charter One Bank - New Deposit Accounts- Branch Locations- Farmington H  
Citizens First Savings Bank 6
Diebold Incorporated - Bank and Commercial Sales- Service  
Fifth Third Bank  
First Franklin  
Flagstar Bank  
Guaranty Bank  
Huntington National Bank - Banking Locations- Branch Offices  
Independent Bank  
Oakland Commerce Bank 15
Paramount Bank 17

Business Loan Providers for Farmington Hills Businesses

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

Small Business Bank Recent SBA Loans
Banco Popular North America
New York City, NY
1
Business Loan Center, LLC
Richmond, VA
1
California Bank & Trust
San Diego, CA
1
Capital One
Mclean, VA
3
Cit Small Business Lending Corp
Livingston, NJ
4
Citizens Bank
Flint, MI
5
Citizens Bank
Lansing, MI
2
Comerica Bank
Dallas, TX
7
Fifth Third Bank
Grand Rapids, MI
5
First Place Bank
Southfield, MI
3
Innovative Bank
Oakland, CA
2
Jpmorgan Chase Bank
Houston, TX
3
Keybank National Association
Cleveland, OH
2
Lasalle Bank Midwest
Lansing, MI
1
Lasalle Bank Midwest
Troy, MI
4
National City Bank
Bannockburn, IL
12
National City Bank
Cleveland, OH
3
Newtek Small Business Finance Inc.
New York, NY
1
Pnc Bank, National Association
Pittsburgh, PA
1
Rbs Citizens
Cleveland, OH
2
Rbs Citizens
Providence, RI
15
Stearns Bank
Saint Cloud, MN
1
Tcf National Bank
Wayzata, MN
1
The Huntington National Bank
Columbus, OH
6
U.S. Bank National Association
Cincinnati, OH
1
Wells Fargo Bank
San Jose, CA
2

Farmington Hills Business Loan Advice

Before meeting with 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 introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the money back to the bank.

A well-defined business plan is an important prerequisite. 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 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 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. Prior to visiting local banks, 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

Our Gaebler.com site is dedicated to providing advice to small business owners, and we have a lot of information pertaining to to Raising Money. If raising money is on your to-do list, one article that might be of interest to you is Business Incubators.

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