Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Martinsburg, Iowa Business Loan

 
Loan Census SBA Loan Info

Looking for a Martinsburg, Iowa 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 owners in Martinsburg, Iowa who are interested in getting a bank loan.

Business Loan Providers for Martinsburg Businesses

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

Small Business Bank Recent SBA Loans
Hedrick Savings Bank
Ottumwa, IA
1

Martinsburg Business Loan Advice

Before meeting with lenders to get a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the money back to the lender.

Being able to present a well-written 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 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 stocks and bonds that you might own or life insurance policies. 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 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 deeply committed to helping small business owners, and we have a lot of resources related to to Raising Money. For example, we recommend you read 504 Loans.

Business Loan Sources for Other Cities in Iowa
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