Loan Census Banking News and Information
May 5, 2021  
 
 
  Business Loan Information  
 

Small Business Lenders in Fairhope, Alabama

 
Loan Census SBA Loan Info

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

If you are planning on applying for a small business loan and your business is based in Fairhope, Alabama, we've put together a list of local small business banks that you should contact.

Local Fairhope Lenders

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

Small Business Bank Recent SBA Loans
Citizens Bank  
Citizens' Bank  
Colonial Bank 2
Compass Bank  
Farmers and Merchants Bank  
First Gulf Bank - Branch Offices- Fairhope Office  
First National Bank of Baldwin County  
Pen Air Federal Credit ATM  
Regions Bank - Branch Offices- Fairhope  
Southtrust Bank  
Vision Bank  

Other Lending Resources for Fairhope Businesses

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

Small Business Bank Recent SBA Loans
Banktrust
Mobile, AL
1
Business Loan Center, LLC
New York, NY
2
Business Loan Center, LLC
Panama City Beach, FL
2
Capital One
Mclean, VA
1
Cit Small Business Lending Corp
Livingston, NJ
2
Comerica Bank
Houston, TX
1
Compass Bank
Birmingham, AL
9
Rbc Centura Bank
Raleigh, NC
1
Regions Bank
Birmingham, AL
1
Small Business Loan Source LLC
Houston, TX
1
Stearns Bank
Saint Cloud, MN
1
Superior Financial Group, LLC
Walnut Creek, CA
2
Vision Bank
Panama City, FL
1

Business Loan Advice for Fairhope Businesses

As a prerequisite to contacting 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, describe what the money will finance, and show how you plan to pay the loan back to the bank.

Having a 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, the bank may ask you to to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will look at your personal credit report 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. Prior to visiting local banks, 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.

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