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

Pennsboro, West Virginia Small Business Loans

 
Loan Census SBA Loan Info

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

If you are hoping to get a small business loan and your business is based in Pennsboro, West Virginia, we've assembled a list of local small business banks that you should contact.

Local Pennsboro Lending Resources

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

Small Business Bank Recent SBA Loans
Union Bank, Inc. 1
Wesbanco Bank - Ritchie County- Pennsboro  
West Union Bank  

Other Lending Resources for Pennsboro Businesses

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

Small Business Bank Recent SBA Loans
Innovative Bank
Oakland, CA
1

Pennsboro Bank Loan Tips

Before meeting with 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 your ability to pay the money back to the bank.

Having a business plan is an important prerequisite. If the money is to for a company that is already doing 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, 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 planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Borrowing Money from Friends and Family.

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