Loan Census Banking News and Information
April 15, 2021  
 
 
  Business Loan Information  
 

Small Business Lenders in Hughes, Arkansas

 
Loan Census SBA Loan Info

I need a loan for my business in Hughes, Arkansas! If that's what's on your mind, you've come to the right place.

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.

Small Business Bank Recent SBA Loans
Innovative Bank
Oakland, CA
1

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.

Gaebler.com Advice on Raising Money

If you are planning on Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review 504 Loans.

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