If you are looking for a small business loan and your business is based in Elmira, California, we've put together a list of local small business banks that you should contact.
SBA Lenders for Elmira Businesses
This is a list of banks outside of Elmira, California that have provided SBA loans to Elmira businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Elmira Businesses
Prior to reaching out to lenders for a loan, you will need to determine exactly what size loan you will be asking for.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the money back to the lender.
A well-defined business plan is an important prerequisite. 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, you will likely be asked to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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
Our Gaebler.com site is dedicated to aiding small business owners, and we have a
lot of resources related to to Raising
Money. For example, we recommend you read Attracting Investors.
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