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

Elberta, Alabama Business Loan

Loan Census SBA Loan Info

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

We wrote this article for small business proprietors in Elberta, Alabama who are interested in getting debt financing.

Local Elberta Lending Resources

Without further adieu, here's our list of small business banks in Elberta.

Small Business Bank Recent SBA Loans
Regions Bank  

SBA Lenders for Elberta Businesses

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

Small Business Bank Recent SBA Loans
Bank Of Pensacola
Pensacola, FL
Business Loan Center, LLC
New York, NY
Capital One
Mclean, VA
Innovative Bank
Oakland, CA
United Bank
Atmore, AL
Vision Bank
Panama City, FL

Elberta Business Loan Advice

As a prerequisite to contacting banks for a 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 plan to pay the money back to the bank.

Having a business plan is is critically important. If the 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 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. Advice on Raising Money

If you are planning on Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review SBIR Funding.

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