This article is written specifically for entrepreneurs in Empire, California who are interested in getting a small business loan.
SBA Lenders for Empire Businesses
This is a list of banks outside of Empire, California that have provided SBA loans to Empire businesses. Some of these may be national banks with local branch locations.
Empire Business Loan Advice
Prior to meeting with banks for a loan, you will need to determine exactly what size loan you will be asking for.
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 bank.
A well-defined business plan is essential. If the bank loan 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 you cannot repay the loan.
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 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 do your homework 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
Take the time to learn as much as you can about Raising
Money. To get started, we recommend you read
Getting a Small Business Loan.
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