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April 20, 2024  
 
 
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Business Loan Reedsville, West Virginia

 
Loan Census SBA Loan Info

Raising money in Reedsville, West Virginia? If so, you'll want to talk to some of these small business lenders in Reedsville.

This article is written specifically for small business owners in Reedsville, West Virginia who are interested in getting a small business loan.

Local Reedsville Lending Resources

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

Small Business Bank Recent SBA Loans
BB & T  
Clear Mountain Bank 1

Banks that Lend to Reedsville Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
1
Innovative Bank
Oakland, CA
1
Wesbanco Bank, Inc.
Morgantown, WV
1

Tips for Getting a Business Loan in Reedsville

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, define how the money will be used, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is is critically important. 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 your individual retirement account or pension plan. 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 the banks in our list 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 serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Bank Credit Lines.

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