Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Grafton, Ohio Business Loan

 
Loan Census SBA Loan Info

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

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

Local Grafton Lending Resources

Without further adieu, here's our list of small business banks in Grafton.

Small Business Bank Recent SBA Loans
Firstmerit Bank  

Banks that Lend to Grafton Businesses

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

Small Business Bank Recent SBA Loans
Firstmerit Bank
Akron, OH
6
Jpmorgan Chase Bank
Houston, TX
1
Keybank National Association
Cleveland, OH
1
National City Bank
Cleveland, OH
6
Ncb, FSB
Hillsboro, OH
1
Rbs Citizens
Providence, RI
4
The Huntington National Bank
Columbus, OH
1
U.S. Bank National Association
Cincinnati, OH
1

Grafton Business Loan Advice

As a prerequisite to meeting with lenders to get a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the money back to the lender.

Having a business plan is an important prerequisite. If the capital is to for a going concern, 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 to guarantee the loan 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 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 planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Attracting Investors.

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