Knoxville, Iowa Small Business Loans

Local Knoxville Lending Resources

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

Banks that Lend to Knoxville Businesses

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

Knoxville Bank Loan Tips

Prior to reaching out to banks to discuss getting 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, define how the money will be used, and show your ability to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the bank loan 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 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 secure the business 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. Before meeting with the 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

If you are new to our Gaebler.com site, you should know that we are all about providing advice to small business owners, and we have a lot of resources related to to Raising Money. If you want to learn about raising money, we would suggest you read 504 Loans.