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

Small Business Lenders in Gallaway, Tennessee

 
Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Gallaway, Tennessee, we've put together a list of local small business banks that you should contact.

SBA Lenders for Gallaway Businesses

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

Small Business Bank Recent SBA Loans
Wells Fargo Bank
Minneapolis, MN
1

Business Loan Advice for Gallaway Businesses

As a prerequisite to contacting banks to get 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, define how the money will be used, and show how you intend to to pay the money back to the bank.

A well-defined 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. 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 you cannot repay the loan.

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 the banks in our list participate in the financial assistance programs available through the SBA. Before meeting with the banker, you may want to read up on 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 new to our Gaebler.com site, you should know that we are deeply committed to providing advice to entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, one article that might be of interest to you is 504 Loans.

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