Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Canton, Missouri Small Business Loans

 
Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Canton, Missouri, we've assembled a list of local small business banks that you should contact.

Local Canton Lending Resources

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

Small Business Bank Recent SBA Loans
Bank of Monticello - Canton Branch  
Canton State Bank  
First Federal Bank  

SBA Lenders for Canton Businesses

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

Small Business Bank Recent SBA Loans
Umb Bank
Kansas City, MO
1

Canton Bank Loan Tips

As a prerequisite to 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, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

A well-defined business plan is essential. If the money 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 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 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 participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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

Make the effort and learn as much as you can about Raising Money. To get started, we recommend you read Borrowing Money from Friends and Family.

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