We wrote this article for small business owners in Headland, Alabama who are interested in getting a bank loan.
Local Headland Banks
Without further adieu, here's our list of small business banks in Headland.
SBA Lenders for Headland Businesses
This is a list of banks outside of Headland, Alabama that have provided SBA loans to Headland businesses. Some of these may be national banks with local branch locations.
Headland Business Loan Advice
Before contacting 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 explain your business, explain how much you want to borrow, define how the money will be used, and show how you intend to to pay the loan back to the bank.
Being able to present a well-written business plan is essential. If the money is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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 passionate about providing advice to entrepreneurs, and we have a
lot of useful articles about to Raising
Money. For example, we would suggest you read 504 Loans.
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