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

Melvindale, Michigan Business Loan

 
Loan Census SBA Loan Info

Getting a business loan in Melvindale, Michigan seems challenging at first, but we're here to help you get started.

This article is written specifically for small business proprietors in Melvindale, Michigan who are interested in getting debt financing.

Banks that Lend to Melvindale Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
New York, NY
1
Business Loan Center, LLC
Richmond, VA
2
First Place Bank
Southfield, MI
1
Jpmorgan Chase Bank
Houston, TX
6
Keybank National Association
Cleveland, OH
1
Monroe Bank & Trust
Monroe, MI
1
National City Bank
Bannockburn, IL
1
Rbs Citizens
Providence, RI
2

Melvindale Business Loan Advice

As a prerequisite to contacting banks to get a bank loan, you will need to have a specific plan.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the money back to the bank.

Having a business plan is an important prerequisite. If the bank loan is to for an existing business, 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, you will likely be asked to secure the business with your personal assets, such as the equity in your home. 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 these banks participate in the financial assistance programs available through the SBA. Before meeting with the banker, you may want to read up on 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

If you are planning on Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Angel Investors.

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