Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Follett, Texas Business Loan

 
Loan Census SBA Loan Info

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

We wrote this article for entrepreneurs in Follett, Texas who are interested in getting a bank loan.

Local Follett Lenders

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

Small Business Bank Recent SBA Loans
First St. Bank - Canadian National A 1

Other Lending Resources for Follett Businesses

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

Small Business Bank Recent SBA Loans
First St. Bank - Canadian National A
Canadian, TX
1

Follett Business Loan Advice

Prior to meeting with banks to get 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 plan to pay the loan back to the bank.

A well-defined business plan is essential. If the money is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 to guarantee the loan with your personal assets, such as the equity in your home. 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 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

Take the time to learn as much as you can about Raising Money. For starters, we recommend you read Getting a Small Business Loan.

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