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

Millington, Tennessee Business Loan

 
Loan Census SBA Loan Info

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

These materials were prepared for small business proprietors in Millington, Tennessee who are interested in getting a bank loan.

Local Millington Lenders

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

Small Business Bank Recent SBA Loans
Bancorpsouth - Banking Facilities- Millington  
First Citizens National Bank - Millington  
First State Bank  
First Tennessee  
Insouth Bank  
Patriot Bank 21

Banks that Lend to Millington Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
3
Business Loan Center, LLC
Panama City Beach, FL
1
Capital One
Mclean, VA
1
First Tennessee Bank
Memphis, TN
3
Innovative Bank
Oakland, CA
2
Insouth Bank
Memphis, TN
2
Regions Bank
Atlanta, GA
1
Regions Bank
Memphis, TN
1
Superior Financial Group, LLC
Walnut Creek, CA
1
Tennessee Business & Indust Devel
Paris, TN
1
Trustmark National Bank
Jackson, MS
3

Millington Business Loan Advice

Before reaching out to lenders to get 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 lender.

Having a business plan is essential. If the loan is to for a going concern, 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 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 meeting with the 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

Make the effort and learn as much as you can about Raising Money. For starters, we suggest you read 504 Loans.

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