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

Farmington, Missouri Business Loan

 
Loan Census SBA Loan Info

Looking for a Farmington, Missouri small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

This article is written specifically for small business proprietors in Farmington, Missouri who are interested in getting a small business loan.

Local Farmington Banks

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

Small Business Bank Recent SBA Loans
Bank Star of the Leadbelt - Farmington  
Belgrade State Bank  
Commerce Bank - Farmington Banking Center  
Dough To Go  
First Bank  
First State Community Bank 12
Modern Mortgage  
New Era Bank  
Ozarks Federal Savings  

Banks that Lend to Farmington Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
1
Cit Small Business Lending Corp
Livingston, NJ
2
Commerce Bank
Kansas City, MO
1
Empire Bank
Springfield, MO
1
First Midwest Bank Of Dexter
Jackson, MO
1
First Missouri St. Bank - Cape C
Jackson, MO
1
M&i Marshall & Ilsley Bank
Milwaukee, WI
1
Superior Financial Group, LLC
Walnut Creek, CA
1
U.S. Bank National Association
Cincinnati, OH
1
Ups Capital Business Credit
Windsor, CT
1

Farmington Business Loan Advice

Before meeting with banks for a 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

Having a business plan is is critically important. If the capital is to for an existing 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 secure the business 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 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 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 educate yourself. If you haven't read it already, we recommend you review Angel Investors.

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