Sulphur Springs, Texas Business Loan

Local Sulphur Springs Business Loan Sources

To help you learn more about local small business lenders, here's our list of small business banks in Sulphur Springs.

SBA Lenders for Sulphur Springs Businesses

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

Sulphur Springs Business Loan Advice

Before meeting with lenders 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 explain your business, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the loan back to the lender.

Having a business plan is an important prerequisite. If the financing is to for an existing 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 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 are SBA lenders. Prior to visiting local banks, you may want to do your homework 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 providing advice to entrepreneurs, and we have a lot of resources related to to Raising Money. To learn more, one article that might be of interest to you is 504 Loans.