Loan Census Banking News and Information
December 9, 2019  
 
 
  Business Loan Information  
 

Fredericksburg, Ohio Business Loan

 
Loan Census SBA Loan Info

Small business loans in Fredericksburg, Ohio are available. You just need to talk to the right bank.

We wrote this article for small business proprietors in Fredericksburg, Ohio who are interested in getting debt financing.

Lenders for Fredericksburg Businesses

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

Small Business Bank Recent SBA Loans
Firstmerit Bank
Akron, OH
2

Fredericksburg Business Loan Advice

As a prerequisite to meeting with lenders to get 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, 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 financing 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 guarantee the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which you cannot repay the loan.

If the business has few assets, you will likely be asked to pledge 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. 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

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 504 Loans.

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