Loan Census Banking News and Information
March 19, 2024  
 
 
  Business Loan Information  
 

Indianola, Mississippi Business Loan

 
Loan Census SBA Loan Info

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

This article is written specifically for small business proprietors in Indianola, Mississippi who are interested in getting a small business loan.

Local Indianola Business Lenders

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

Small Business Bank Recent SBA Loans
Community Bank No. Mississippi 6
Guaranty Bank & Trust Company  
Planters Bank & Trust CO - Downtown Office  
Planters Bank & Trust Company  
Production Credit Association  

Lenders for Indianola Businesses

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

Small Business Bank Recent SBA Loans
Borrego Springs Bank
Borrego Springs, CA
1
Business Loan Center, LLC
Panama City Beach, FL
1
Citizens Bank & Savings Co
Russellville, AL
1
Community Bank No. Mississippi
Amory, MS
2
Innovative Bank
Oakland, CA
5

Indianola Business Loan Advice

Prior to reaching out to banks to get a bank loan, you will need to develop the specifics of your loan request.

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 bank.

Having a business plan is essential. If the loan is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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 cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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. Prior to visiting local banks, 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

If you are serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Business Credit Evaluation.

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