If you are planning on applying for a small business loan and your business is based in Double Springs, Alabama, we've put together a list of local small business banks that you should contact.
Local Double Springs Business Loan Sources
To assist you in finding a small business banker, here's our list of small business banks in Double Springs.
Other Lending Resources for Double Springs Businesses
This is a list of banks outside of Double Springs, Alabama that have provided SBA loans to Double Springs businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Double Springs Businesses
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 introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you intend to to pay the money back to the bank.
A well-defined business plan is is critically important. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 pledge 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 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
Our Gaebler.com site is deeply committed to supporting entrepreneurs, and we have a
lot of useful articles about to Raising
Money. To learn more, one article that might be of interest to you is Getting a Small Business Loan.
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