Business Loan Oak Grove, Kentucky

Local Oak Grove Banks

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

Other Lending Resources for Oak Grove Businesses

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

Tips for Getting a Business Loan in Oak Grove

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

Having a business plan is essential. If the money is to for an existing 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, the bank may ask you to 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 are SBA lenders. Before you sit down to talk with a small business 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

If you are new to our Gaebler.com site, you should know that we are dedicated 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.