If you are hoping to get a small business loan and your business is based in Hayden, Alabama, we've assembled a list of local small business banks that you should contact.
SBA Lenders for Hayden Businesses
This is a list of banks outside of Hayden, Alabama that have provided SBA loans to Hayden businesses. Some of these may be national banks with local branch locations.
Hayden Bank Loan Tips
Before reaching out to banks to get 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, define how the money will be used, and show how you intend to to pay the money back to the bank.
Being able to present a well-written business plan is is critically important. If the capital is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 cash flow from the business does not meet your projections.
If the business has few assets, you will likely be asked to pledge 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 these banks are SBA lenders. Before you sit down to talk with a small business 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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