Loan Census Banking News and Information
May 26, 2020  
 
 
  Business Loan Information  
 

Mcdonald, Kansas Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Mcdonald, Kansas 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.

If you are planning on applying for a small business loan and your business is based in Mcdonald, Kansas, we've assembled a list of local small business banks that you should contact.

Local Mcdonald Lending Resources

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

Small Business Bank Recent SBA Loans
Peoples State Bank 14

Mcdonald Bank Loan Tips

Prior to reaching out to banks for a 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, describe what the money will finance, and show your ability to pay the loan back to the bank.

Having a business plan is essential. 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 guarantee 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 to guarantee the loan 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 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

Take the time to learn as much as you can about Raising Money. To get started, we recommend you read Getting a Small Business Loan.

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