Loan Census Banking News and Information
January 16, 2022  
  Business Loan Information  

Cheyenne Wells, Colorado Small Business Loans

Loan Census SBA Loan Info

Getting a business loan in Cheyenne Wells, Colorado 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 Cheyenne Wells, Colorado, we've assembled a list of local small business banks that you should contact.

Local Cheyenne Wells Lending Resources

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

Small Business Bank Recent SBA Loans
Eastern Colorado Bank the Main Branch  
Kit Carson State Bank - Cheyenne Wells Branch  
The Eastern Colorado Bank 1

Cheyenne Wells Bank Loan Tips

Before reaching out to banks to get 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 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 a going concern, 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, you will likely be asked to secure the business 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 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. Advice on Raising Money

Our site is passionate about assisting entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we recommend you read Angel Investors.

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