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

Business Loan Sanford, Michigan

 
Loan Census SBA Loan Info

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

These materials were prepared for entrepreneurs in Sanford, Michigan who are interested in getting a bank loan.

Local Sanford Banks

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

Small Business Bank Recent SBA Loans
Chemical Bank and Trust Company  

Other Lending Resources for Sanford Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
1
Chemical Bank
Midland, MI
1

Tips for Getting a Business Loan in Sanford

Before contacting banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the money back to the bank.

A well-defined business plan is an important prerequisite. If the loan is to for a going concern, 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. 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

Our Gaebler.com site is deeply committed to assisting entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, one article that might be of interest to you is How Much Venture Capital Is There?.

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