If you are planning on applying for a small business loan and your business is based in Hughes, Arkansas, we've assembled a list of local small business banks that you should contact.
Local Hughes Lending Resources
To help you learn more about local small business lenders, here's our list of small business banks in Hughes.
|Small Business Bank
||Recent SBA Loans
|Fidelity National Bank - Branches- Hughes Branch
Banks that Lend to Hughes Businesses
This is a list of banks outside of Hughes, Arkansas that have provided SBA loans to Hughes businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Hughes Businesses
As a prerequisite to contacting 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 introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, 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 bank loan 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 you cannot repay the loan.
If the business has few assets, the bank may ask you to 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 these banks participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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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