Manhattan Beach, California Business Loan

Local Manhattan Beach Business Loan Sources

To help you learn more about local small business lenders, here's our list of small business banks in Manhattan Beach.

SBA Lenders for Manhattan Beach Businesses

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

Manhattan Beach Business Loan Advice

Before reaching out to banks for a 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.

A well-defined business plan is is critically important. 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. 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to to guarantee the loan 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 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 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

Our Gaebler.com site is deeply committed to providing advice to small business owners, and we have a lot of useful articles about to Raising Money. If you want to learn about raising money, one article that might be of interest to you is 504 Loans.