These materials were prepared for small business proprietors in Georgetown, California who are interested in getting a bank loan.
Other Lending Resources for Georgetown Businesses
This is a list of banks outside of Georgetown, California that have provided SBA loans to Georgetown businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Georgetown
Prior to meeting with banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the money back to the bank.
Having a business plan is is critically important. If the bank loan 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, the bank may ask you to to to guarantee the loan 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 the banks in our list 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.
Gaebler.com Advice on Raising Money
Our Gaebler.com site is passionate about aiding entrepreneurs, and we have a
lot of information pertaining to to Raising
Money. If raising money is on your to-do list, we recommend you read Borrowing Money from Friends and Family.
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