Loan Census Banking News and Information
April 20, 2021  
 
 
  Business Loan Information  
 

Small Business Lenders in Dumas, Arkansas

 
Loan Census SBA Loan Info

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

If you are hoping to get a small business loan and your business is based in Dumas, Arkansas, we've put together a list of local small business banks that you should contact.

Local Dumas Business Loan Sources

To help you learn more about local small business lenders, here's our list of small business banks in Dumas.

Small Business Bank Recent SBA Loans
Bank of America  
Merchant & Farmers  
Merchants & Farmers Bank 7
Simmons 1st Bank - So. Arkansas 2
Simmons First Bank of South Arkansas  
Time & Temperature  
Union Bank  

Lenders for Dumas Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
1
Innovative Bank
Oakland, CA
2

Business Loan Advice for Dumas 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, define how the money will be used, and show how you intend to to pay the money back to the bank.

Having a business plan is essential. If the loan is to for a company that is already doing business, 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 to guarantee the loan with your personal assets, such as the equity in your home. 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 these banks participate in the financial assistance programs available through the SBA. Before meeting with the banker, 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 suggest you read 504 Loans.

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