We wrote this article for small business owners in Senecaville, Ohio who are interested in getting a small business loan.
Business Loan Providers for Senecaville Businesses
This is a list of banks outside of Senecaville, Ohio that have provided SBA loans to Senecaville businesses. Some of these may be national banks with local branch locations.
Senecaville Business Loan Advice
Prior to reaching out to banks for a loan, you will need to have a specific plan.
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 intend to to pay the loan back to the bank.
Being able to present a well-written business plan is an important prerequisite. If the money 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 guarantee 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 pledge your personal assets, such as the equity in your home. 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 these banks participate in the financial assistance programs available through the SBA. 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
Gaebler.com is a site that is devoted to aiding entrepreneurs, and we have a
lot of resources related to to Raising
Money. If raising money is on your to-do list, we would suggest you read Getting a Small Business Loan.
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