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

Lafayette, Tennessee Business Loan

 
Loan Census SBA Loan Info

Looking for a Lafayette, Tennessee small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

We wrote this article for small business proprietors in Lafayette, Tennessee who are interested in getting a bank loan.

Local Lafayette Banks

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

Small Business Bank Recent SBA Loans
Citizens Bank Of Lafayette 1
Community First Bank  
Cumberland Bank  
First American National Bank  
Macon Bank & Trust CO - Lafayette  
Macon Bank & Trust CO - Supercenter Office  
Macon Bank & Trust Company  
Regions Bank  

Other Lending Resources for Lafayette Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
1
Capital One
Mclean, VA
1

Lafayette Business Loan Advice

Before contacting 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

Having a business plan is an important prerequisite. If the financing is to for a going concern, 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, the bank may ask you to to secure the business with your personal assets, such as your individual retirement account or pension plan. The banks will look at your personal credit report 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

Gaebler.com is a site that is deeply committed to supporting small business owners, and we have a lot of resources related to to Raising Money. For example, we would suggest you read 504 Loans.

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