This article is written specifically for small business proprietors in Fouke, Arkansas who are interested in getting a bank loan.
Local Fouke Business Loan Sources
To help you learn more about local small business lenders, here's our list of small business banks in Fouke.
|Small Business Bank
||Recent SBA Loans
|Commercial National Bank of Texarkana
Other Lending Resources for Fouke Businesses
This is a list of banks outside of Fouke, Arkansas that have provided SBA loans to Fouke businesses. Some of these may be national banks with local branch locations.
Fouke Business Loan Advice
Before contacting lenders for a 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 your ability to pay the loan back to the lender.
Having a business plan is is critically important. If the loan is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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 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 are SBA lenders. 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
If you are new to our Gaebler.com site, you should know that we are deeply committed to supporting small business owners, and we have a
lot of useful articles about to Raising
Money. If you want to learn about raising money, we would suggest you read Business Line of Credit.
Business Loan Sources for Other Cities in Arkansas
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