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

Grandfield, Oklahoma Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Grandfield, Oklahoma 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 Grandfield, Oklahoma, we've assembled a list of local small business banks that you should contact.

Local Grandfield Banks

To help you learn more about local small business lenders, here's our list of small business banks in Grandfield.

Small Business Bank Recent SBA Loans
First State Bank 2

Grandfield Bank Loan Tips

Before meeting with banks 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 explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

Being able to present a well-written business plan is is critically important. If the bank loan is to for a going concern, 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 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 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 these banks participate in the financial assistance programs available through the SBA. Before meeting with the banker, 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

Our Gaebler.com site is dedicated to providing advice to entrepreneurs, and we have a lot of useful articles about to Raising Money. If you want to learn about raising money, we recommend you read 504 Loans.

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