This article is written specifically for entrepreneurs in Tecumseh, Oklahoma who are interested in getting debt financing.
Local Tecumseh Business Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Tecumseh.
|Small Business Bank
||Recent SBA Loans
|First United Bank & Trust CO - LBY M-Th 9-4 F 9-5 Dr TH
|First United To Serve
Other Lending Resources for Tecumseh Businesses
This is a list of banks outside of Tecumseh, Oklahoma that have provided SBA loans to Tecumseh businesses. Some of these may be national banks with local branch locations.
Tecumseh Business Loan Advice
Before reaching out to banks for a 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, define how the money will be used, and show how you plan to pay the loan back to the bank.
A well-defined business plan is essential. If the bank 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, you will likely be asked 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 these banks are SBA lenders. 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
Take the time to learn as much as you can about Raising
Money. To get the ball rolling, we recommend you read
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