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

Galax, Virginia Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Galax, Virginia 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.

If you are looking for a small business loan and your business is based in Galax, Virginia, we've assembled a list of local small business banks that you should contact.

Local Galax Business Loan Sources

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

Small Business Bank Recent SBA Loans
BB & T - Branches- Galax E-Stuart- ATM  
Citizens National Bank  
First Citizens Bank  
Grayson National Bank  

Banks that Lend to Galax Businesses

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

Small Business Bank Recent SBA Loans
Cit Small Business Lending Corp
Livingston, NJ
1
Mainstreet Lender 7(a), LLC
Chevy Chase, MD
1
Surrey Bank & Trust
Mount Airy, NC
2

Galax Bank Loan Tips

Before contacting lenders for a loan, you will need to determine exactly what size loan you will be asking for.

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 how you plan to pay the loan back to the lender.

A well-defined business plan is is critically important. If the money is to for a company that is already doing business, you should also have financial statements covering the last three years. You will also need to discuss 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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. Prior to visiting local banks, you may want to do your homework 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 Borrowing Money from Friends and Family.

Business Loan Sources for Other Cities in Virginia
Get a Business Loan in Front Royal
Get a Business Loan in Glen Allen

Browse All Business Loan Sources for Virginia