If you are planning on applying for a small business loan and your business is based in Elmore, Alabama, we've put together a list of local small business banks that you should contact.
Lenders for Elmore Businesses
This is a list of banks outside of Elmore, Alabama that have provided SBA loans to Elmore businesses. Some of these may be national banks with local branch locations.
|Small Business Bank
||Recent SBA Loans
Business Loan Advice for Elmore Businesses
Prior to meeting with banks to get a bank loan, you will need to develop the specifics of your loan request.
You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show your ability to pay the loan back to the bank.
A well-defined business plan is is critically important. If the money is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know 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, you will likely be asked to to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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. Prior to visiting local banks, 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.
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