This article is written specifically for small business proprietors in Fairfield Bay, Arkansas who are interested in getting a small business loan.
Other Lending Resources for Fairfield Bay Businesses
This is a list of banks outside of Fairfield Bay, Arkansas that have provided SBA loans to Fairfield Bay businesses. Some of these may be national banks with local branch locations.
Fairfield Bay Business Loan Advice
As a prerequisite to meeting with banks to discuss getting a bank 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, define how the money will be used, and show how you plan to pay the loan back to the bank.
Having a business plan is is critically important. If the 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 secure the business with 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 meeting with the 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
If you are new to our Gaebler.com site, you should know that we are devoted to supporting small business owners, and we have a
lot of information pertaining to to Raising
Money. If raising money is on your to-do list, we would suggest you read Business Credit Evaluation.
More Business Loan Info for Arkansas
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