We wrote this article for entrepreneurs in Hot Springs Village, Arkansas who are interested in getting a small business loan.
Local Hot Springs Village Business Loan Sources
To help you learn more about local small business lenders, here's our list of small business banks in Hot Springs Village.
|Small Business Bank
|Recent SBA Loans
|Bank Of America
|First National Bank - Hot Springs Village
|First National Bank - Loans
|First Security Bank Solutions Inc
|Hot Springs Bank & Trust
|U S Bank - Branch Offices- Hot Springs Village- Highway 7 North Office
|U S Bank - Branch Offices- Hot Springs Village- Ponderosa Office
|U S Bank Home Mortgage
Banks that Lend to Hot Springs Village Businesses
This is a list of banks outside of Hot Springs Village, Arkansas that have provided SBA loans to Hot Springs Village businesses. Some of these may be national banks with local branch locations.
Hot Springs Village Business Loan Advice
Before meeting with banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.
You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the loan back to the bank.
A well-defined business plan is essential. If the capital 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 secure the business with your personal assets, such as your individual retirement account or pension plan. 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. Before meeting with the 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.
Gaebler.com Advice on Raising Money
Gaebler.com is a site that is devoted to aiding entrepreneurs, and we have a
lot of resources related to to Raising
Money. For example, we would suggest you read 504 Loans.
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