This article is written specifically for small business proprietors in Amory, Mississippi who are interested in getting a small business loan.
Local Amory Lenders
To assist you in finding a small business banker, here's our list of small business banks in Amory.
Other Lending Resources for Amory Businesses
This is a list of banks outside of Amory, Mississippi that have provided SBA loans to Amory businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Amory
Before reaching out to lenders to get a bank 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the lender.
Having a business plan is is critically important. If the capital 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 the banks in our list 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
Make it a priority to learn as much as you can about Raising
Money. For starters, we recommend you read
Business Credit Evaluation.
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