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

Turney, Missouri Business Loan

 
Loan Census SBA Loan Info

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

We wrote this article for small business proprietors in Turney, Missouri who are interested in getting a small business loan.

Other Lending Resources for Turney Businesses

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

Small Business Bank Recent SBA Loans
The Lathrop Bank
Lathrop, MO
1

Turney Business Loan Advice

As a prerequisite to reaching out to banks to get 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, describe what the money will finance, and show how you plan to pay the money back to the bank.

Having a business plan is is critically important. 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, 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 these banks participate in the financial assistance programs available through the SBA. 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

If you are planning on Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review SBIR Funding.

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