Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Business Loan Big Spring, Texas

 
Loan Census SBA Loan Info

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

This article is written specifically for entrepreneurs in Big Spring, Texas who are interested in getting a bank loan.

Local Big Spring Lenders

Without further adieu, here's our list of small business banks in Big Spring.

Small Business Bank Recent SBA Loans
American State Bank  
First Bank Of West Texas 1
State National Bank 1

Other Lending Resources for Big Spring Businesses

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

Small Business Bank Recent SBA Loans
1st National Bank - Sterling City
Sterling City, TX
2
Amer Business Lending Inc.
Dallas, TX
1
Amresco SBA Holdings, Inc.
Irving, TX
1
Bank Of America
Charlotte, NC
3
Capital One
Mclean, VA
1
Cit Small Business Lending Corp
Livingston, NJ
1
Commercial State Bank
Andrews, TX
1
First Bank Of West Texas
Coahoma, TX
7
Southwest Bank
Odessa, TX
1
Wells Fargo Bank
Austin, TX
1
Wells Fargo Bank
San Jose, CA
1

Tips for Getting a Business Loan in Big Spring

Before meeting with banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the loan back to the bank.

A well-defined business plan is is critically important. If the bank loan 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, the bank may ask you to to to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 are SBA lenders. Prior to visiting local banks, 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 new to our Gaebler.com site, you should know that we are devoted to supporting entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, we recommend you read Attracting Investors.

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