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March 28, 2024  
 
 
  Business Loan Information  
 

Business Loan Vernon, Texas

 
Loan Census SBA Loan Info

Raising money in Vernon, Texas? If so, you'll want to talk to some of these small business lenders in Vernon.

These materials were prepared for small business proprietors in Vernon, Texas who are interested in getting a bank loan.

Local Vernon Lenders

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

Small Business Bank Recent SBA Loans
Bank of Vernon  
Citibank Texas  

Banks that Lend to Vernon Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
New York, NY
1
First National Bank In Quanah
Quanah, TX
1
Unity Bank
Clinton, NJ
1
Wells Fargo Bank
Austin, TX
1
Wells Fargo Bank
San Jose, CA
2

Tips for Getting a Business Loan in Vernon

As a prerequisite to meeting with banks for a loan, you will need to develop the specifics of your loan request.

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.

Having a business plan is essential. If the capital is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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, the bank may ask you to to to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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.

Gaebler.com Advice on Raising Money

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Attracting Investors.

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