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March 28, 2024  
 
 
  Business Loan Information  
 

Durbin, West Virginia Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Durbin, West Virginia 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 Durbin, West Virginia, we've assembled a list of local small business banks that you should contact.

Other Lending Resources for Durbin Businesses

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

Small Business Bank Recent SBA Loans
Mountain Valley Bank
Elkins, WV
1

Durbin Bank Loan Tips

Prior to reaching out to lenders for a loan, you will need to have a specific plan.

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 lender.

Having a 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. You will also need to discuss what collateral you have available to guarantee the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which you cannot repay the loan.

If the business has few assets, you will likely be asked to pledge 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 are SBA lenders. Before meeting with the 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

Make it a priority to learn as much as you can about Raising Money. For starters, we recommend you read Getting a Small Business Loan.

More Business Lender Lists for West Virginia Cities
Get a Business Loan in Dunbar
Get a Business Loan in Elkins

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