If you are hoping to get a small business loan and your business is based in Coffeeville, Alabama, we've assembled a list of local small business banks that you should contact.
Business Loan Providers for Coffeeville Businesses
This is a list of banks outside of Coffeeville, Alabama that have provided SBA loans to Coffeeville businesses. Some of these may be national banks with local branch locations.
Coffeeville Bank Loan Tips
Before meeting with banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show your ability to pay the money back to the bank.
Having a business plan is an important prerequisite. If the bank 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, the bank may ask you to to secure the business with 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. 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
If you are new to our Gaebler.com site, you should know that we are dedicated to helping entrepreneurs, and we have a
lot of resources related to to Raising
Money. To learn more, we recommend you read Getting a Small Business Loan.
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