Loan Census Banking News and Information
December 5, 2023  
  Business Loan Information  

Borrego Springs, California Business Loan

Loan Census SBA Loan Info

Small business loans in Borrego Springs, California are available. You just need to talk to the right bank.

This article is written specifically for small business owners in Borrego Springs, California who are interested in getting debt financing.

Local Borrego Springs Lending Resources

To assist you in finding a small business banker, here's our list of small business banks in Borrego Springs.

Small Business Bank Recent SBA Loans
Borrego Springs Bank 647

Other Lending Resources for Borrego Springs Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
Washington, DC
Comerica Bank
Dallas, TX
Wells Fargo Bank
San Jose, CA

Borrego Springs Business Loan Advice

As a prerequisite to meeting with 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, describe what the money will finance, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the loan is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to guarantee 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 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. 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. Advice on Raising Money

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Getting a Small Business Loan.

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