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

Small Business Lenders in Jellico, Tennessee

 
Loan Census SBA Loan Info

I need a loan for my business in Jellico, Tennessee! If that's what's on your mind, you've come to the right place.

If you are planning on applying for a small business loan and your business is based in Jellico, Tennessee, we've assembled a list of local small business banks that you should contact.

Local Jellico Lending Resources

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

Small Business Bank Recent SBA Loans
First State Financial Inc  
First Volunteer Bank  

Banks that Lend to Jellico Businesses

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

Small Business Bank Recent SBA Loans
Forcht Bank
Williamsburg, KY
1

Business Loan Advice for Jellico Businesses

As a prerequisite to reaching out to lenders 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 lender.

Having a business plan is an important prerequisite. If the bank loan is to for a company that is already doing 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 you cannot repay the loan.

If the business has few assets, you will likely be asked 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 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 deeply committed to supporting entrepreneurs, and we have a lot of resources related to to Raising Money. For example, we recommend you read Borrowing Money from Friends and Family.

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