Loan Census Banking News and Information
April 23, 2021  
 
 
  Business Loan Information  
 

Cherokee, Alabama Small Business Loans

 
Loan Census SBA Loan Info

Small business loans in Cherokee, Alabama are available. You just need to talk to the right bank.

If you are hoping to get a small business loan and your business is based in Cherokee, Alabama, we've assembled a list of local small business banks that you should contact.

Local Cherokee Banks

To help you learn more about local small business lenders, here's our list of small business banks in Cherokee.

Small Business Bank Recent SBA Loans
Colonial Bank  

Banks that Lend to Cherokee Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
Panama City Beach, FL
1
First Metro Bank
Tuscumbia, AL
1
Newtek Small Business Finance Inc.
New York, NY
2

Cherokee Bank Loan Tips

As a prerequisite to reaching out to lenders to discuss getting a bank loan, you will need to develop the specifics of your loan request.

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 bank loan is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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 these banks 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.

Gaebler.com Advice on Raising Money

Gaebler.com is a site that is deeply committed to assisting small business owners, and we have a lot of information pertaining to to Raising Money. For example, we recommend you read Business Incubators.

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