Loan Census Banking News and Information
November 30, 2023  
  Business Loan Information  

Dorrington, California Business Loan

Loan Census SBA Loan Info

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

We wrote this article for entrepreneurs in Dorrington, California who are interested in getting a small business loan.

Other Lending Resources for Dorrington Businesses

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

Small Business Bank Recent SBA Loans
Sterling Savings Bank
Santa Rosa, CA

Dorrington Business Loan Advice

As a prerequisite to contacting 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 explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the financing is to for a going concern, 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 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. 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

Make the effort and learn as much as you can about Raising Money. For starters, we recommend you read Attracting Investors.

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