Loan Census Banking News and Information
August 8, 2020  
  Business Loan Information  

South Russell, Ohio Business Loan

Loan Census SBA Loan Info

I need a loan for my business in South Russell, Ohio! If that's what's on your mind, you've come to the right place.

We wrote this article for small business owners in South Russell, Ohio who are interested in getting a small business loan.

Banks that Lend to South Russell Businesses

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

Small Business Bank Recent SBA Loans
Park View Federal Savings Bank
Solon, OH
Rbs Citizens
Cleveland, OH
Rbs Citizens
Providence, RI

South Russell Business Loan Advice

As a prerequisite to contacting banks to discuss getting a bank 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, define how the money will be used, and show how you intend to to pay the money back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the bank loan 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 guarantee 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, you will likely be asked 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 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 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. 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 Microlending as a Small Business Funding Source.

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