Loan Census Banking News and Information
September 18, 2014  
 
 
  Business Loan Information  
 

Walnut, Mississippi Business Loan

 
Loan Census SBA Loan Info

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

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
Citizens Bank  
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.

Small Business Bank Recent SBA Loans
Bancorpsouth Bank
Corinth, MS
1

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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