This article is written specifically for small business proprietors in Citronelle, Alabama who are interested in getting a small business loan.
Local Citronelle Lending Resources
To assist you in finding a small business banker, here's our list of small business banks in Citronelle.
|Small Business Bank
||Recent SBA Loans
|First Community Bank - Citronelle
|First Community Bank - Customer Service Unit
Lenders for Citronelle Businesses
This is a list of banks outside of Citronelle, Alabama that have provided SBA loans to Citronelle businesses. Some of these may be national banks with local branch locations.
Citronelle Business Loan Advice
Before contacting banks 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, describe what the money will finance, and show how you intend to to pay the loan back to the bank.
Having a business plan is is critically important. If the loan 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 guarantee the loan. Collateral is relevant because banks always
want to be prepared for a worst-case scenario in which you cannot repay the loan.
If the business has few assets, you will likely be asked 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 these banks 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
If you are new to our Gaebler.com site, you should know that we are devoted to aiding entrepreneurs, and we have a
lot of information pertaining to to Raising
Money. For example, one article that might be of interest to you is Realistic Debt Financing Options.
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