El Dorado, Arkansas Business Loan

Local El Dorado Lending Resources

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

Banks that Lend to El Dorado Businesses

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

El Dorado Business Loan Advice

Before reaching out to banks to discuss getting 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.

Being able to present a well-written business plan is an important prerequisite. If the loan is to for an existing business, 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 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 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. 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.

Gaebler.com Advice on Raising Money

Gaebler.com is a site that is dedicated to supporting entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, one article that might be of interest to you is Only Idiots Send Venture Capitalists Business Plans.