Loan Census Banking News and Information
February 21, 2024  
  Business Loan Information  

Bono, Arkansas Business Loan

Loan Census SBA Loan Info

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

These materials were prepared for entrepreneurs in Bono, Arkansas who are interested in getting a bank loan.

Other Lending Resources for Bono Businesses

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

Small Business Bank Recent SBA Loans
Liberty Bank Of Arkansas
Jonesboro, AR

Bono Business Loan Advice

Prior to reaching out to lenders to discuss getting a bank 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 lender.

A well-defined business plan is an important prerequisite. 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, the bank may ask you to to to guarantee the loan 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 you sit down to talk with a small business banker, you may want to read up on 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. Advice on Raising Money

Take the time to learn as much as you can about Raising Money. To get started, we suggest you read Attracting Investors.

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