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.
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.
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