This article is written specifically for small business owners in Walnut, Mississippi who are interested in getting a small business loan.
Local Walnut Lending Resources
Without further adieu, here's our list of small business banks in Walnut.
|Small Business Bank
||Recent SBA Loans
|The Peoples Bank
Banks that Lend to Walnut Businesses
This is a list of banks outside of Walnut, Mississippi that have provided SBA loans to Walnut businesses. Some of these may be national banks with local branch locations.
Walnut Business Loan Advice
As a prerequisite to meeting with banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.
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 your ability to pay the money back to the bank.
Being able to present a well-written business plan is essential. If the money is to for a going concern, 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 secure the business 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 these banks participate in the financial assistance programs available through the SBA. Before meeting with the banker, you may want to get up to speed 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 get up to speed on the subject. If you haven't read it
already, we recommend you review
Microlending as a Small Business Funding Source.
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