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

Business Loan Grosse Pointe Woods, Michigan

 
Loan Census SBA Loan Info

Small business loans in Grosse Pointe Woods, Michigan are available. You just need to talk to the right bank.

These materials were prepared for entrepreneurs in Grosse Pointe Woods, Michigan who are interested in getting a small business loan.

Local Grosse Pointe Woods Lending Resources

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

Small Business Bank Recent SBA Loans
Comerica Mortgage  
Fifth Third Bank  
Franklin Bank  

Business Loan Providers for Grosse Pointe Woods Businesses

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

Small Business Bank Recent SBA Loans
National City Bank
Cleveland, OH
1
Rbs Citizens
Providence, RI
1
Wachovia SBA Lending, Inc.
Roseville, CA
1
Wells Fargo Bank
Minneapolis, MN
1

Tips for Getting a Business Loan in Grosse Pointe Woods

Prior to meeting with banks 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

A well-defined business plan is essential. If the capital is to for an existing 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to pledge 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 these banks participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, 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

Make the effort and learn as much as you can about Raising Money. To get started, we suggest you read Microlending as a Small Business Funding Source.

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