We wrote this article for small business owners in Ardmore, Alabama who are interested in getting a bank loan.
Local Ardmore Business Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Ardmore.
|Small Business Bank
||Recent SBA Loans
|First American Bank
Banks that Lend to Ardmore Businesses
This is a list of banks outside of Ardmore, Alabama that have provided SBA loans to Ardmore businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Ardmore
Before reaching out to 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 is critically important. If the money 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 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, you will likely be asked to pledge 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 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
Take the time to learn as much as you can about Raising
Money. To get started, we recommend you read
Getting a Small Business Loan.
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