If you are planning on applying for a small business loan and your business is based in Farmersville, California, we've put together a list of local small business banks that you should contact.
Lenders for Farmersville Businesses
This is a list of banks outside of Farmersville, California that have provided SBA loans to Farmersville businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Farmersville Businesses
As a prerequisite to contacting lenders to discuss getting a bank loan, you will need to have a specific plan.
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 intend to to pay the loan back to the lender.
Having a business plan is an important prerequisite. If the money is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 you cannot repay the loan.
If the business has few assets, you will likely be asked to pledge your personal assets, such as the equity in your home. 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 the banks in our list are SBA lenders. Before meeting with the banker, 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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