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

Small Business Lenders in Richland, Mississippi

 
Loan Census SBA Loan Info

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

If you are planning on applying for a small business loan and your business is based in Richland, Mississippi, we've put together a list of local small business banks that you should contact.

Local Richland Business Loan Sources

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

Small Business Bank Recent SBA Loans
Bancorpsouth  

Banks that Lend to Richland Businesses

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

Small Business Bank Recent SBA Loans
Bankplus
Belzoni, MS
1
Community Bank Of Mississippi
Flowood, MS
1
Community Bank Of Mississippi
Forest, MS
1
Community Bank Of Mississippi
Jackson, MS
1
First State Bank
Martin, TN
1
Innovative Bank
Oakland, CA
3
Stearns Bank
Saint Cloud, MN
1
Trustmark National Bank
Jackson, MS
5

Business Loan Advice for Richland Businesses

As a prerequisite to reaching out to lenders to discuss getting a bank 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 lender.

Being able to present a well-written business plan is an important prerequisite. If the financing is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 secure the business with your personal assets, such as your individual retirement account or pension plan. 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 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 Getting a Small Business Loan.

Business Loan Sources for Other Cities in Mississippi
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