We wrote this article for entrepreneurs in Kenton, Ohio who are interested in getting a small business loan.
Local Kenton Lending Resources
Without further adieu, here's our list of small business banks in Kenton.
|Small Business Bank
||Recent SBA Loans
|Community First Bank NA
|Efmark Service CO
|Federal Land Bank Associates
|Liberty National Bank
Banks that Lend to Kenton Businesses
This is a list of banks outside of Kenton, Ohio that have provided SBA loans to Kenton businesses. Some of these may be national banks with local branch locations.
Kenton Business Loan Advice
Prior to contacting banks for a 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 your ability to pay the loan back to the bank.
A well-defined business plan is an important prerequisite. 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 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, you will likely be asked to pledge 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
Our Gaebler.com site is dedicated to providing advice to entrepreneurs, and we have a
lot of information pertaining to to Raising
Money. If you want to learn about raising money, one article that might be of interest to you is 504 Loans.
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