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April 21, 2021  
 
 
  Business Loan Information  
 

Business Loan Barrow, Alaska

 
Loan Census SBA Loan Info

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

This article is written specifically for entrepreneurs in Barrow, Alaska who are interested in getting a bank loan.

Business Loan Providers for Barrow Businesses

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

Small Business Bank Recent SBA Loans
Wells Fargo Bank
Anchorage, AK
1

Tips for Getting a Business Loan in Barrow

Prior to reaching out to banks for a loan, you will need to have a specific plan.

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 intend to to pay the loan back to the bank.

A well-defined business plan is is critically important. If the financing is to for a going concern, 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, the bank may ask you to to secure the business with your personal assets, such as the equity in your home. 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 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 serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Business Cash Advances.

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