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April 21, 2021  
 
 
  Business Loan Information  
 

Business Loan Cottonwood, Alabama

 
Loan Census SBA Loan Info

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

This article is written specifically for small business owners in Cottonwood, Alabama who are interested in getting a bank loan.

Local Cottonwood Lenders

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

Small Business Bank Recent SBA Loans
Southtrust Bank  

SBA Lenders for Cottonwood Businesses

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

Small Business Bank Recent SBA Loans
Wachovia Bank
Birmingham, AL
1

Tips for Getting a Business Loan in Cottonwood

As a prerequisite to contacting lenders 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, describe what the money will finance, and show how you intend to to pay the loan back to the lender.

Being able to present a well-written business plan is is critically important. If the capital 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 look at your personal credit report 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 get up to speed 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

Take the time to learn as much as you can about Raising Money. For starters, we recommend you read Only Idiots Send Venture Capitalists Business Plans.

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