These materials were prepared for small business owners in Gateway, Arkansas who are interested in getting a bank loan.
Other Lending Resources for Gateway Businesses
This is a list of banks outside of Gateway, Arkansas that have provided SBA loans to Gateway businesses. Some of these may be national banks with local branch locations.
Gateway Business Loan Advice
Before meeting with banks for a loan, you will need to have a specific plan.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the money back to the bank.
Being able to present a well-written business plan is is critically important. If the financing is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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 cash flow from the business does not meet your projections.
If the business has few assets, you will likely be asked to secure the business with 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 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 planning on Raising
Money, you need to learn as much as you can. If you haven't read it
already, we recommend you review
Realistic Debt Financing Options.
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