If you are hoping to get a small business loan and your business is based in Lineville, Alabama, we've assembled a list of local small business banks that you should contact.
Local Lineville Business Loan Sources
To help you learn more about local small business lenders, here's our list of small business banks in Lineville.
|Small Business Bank
||Recent SBA Loans
|Southtrust Bank - Offices- Lineville Office
Other Lending Resources for Lineville Businesses
This is a list of banks outside of Lineville, Alabama that have provided SBA loans to Lineville businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Lineville Businesses
Prior to meeting with banks to discuss getting a bank loan, you will need to have a specific plan.
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.
A well-defined business plan is essential. If the loan is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 the equity in your home. 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 are SBA lenders. Before meeting with the 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 all about 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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