Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Hugo, Colorado Small Business Loans

 
Loan Census SBA Loan Info

I need a loan for my business in Hugo, Colorado! 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 Hugo, Colorado, we've assembled a list of local small business banks that you should contact.

Local Hugo Business Loan Sources

To help you learn more about local small business lenders, here's our list of small business banks in Hugo.

Small Business Bank Recent SBA Loans
First National Bank of Hugo  

Banks that Lend to Hugo Businesses

This is a list of banks outside of Hugo, Colorado that have provided SBA loans to Hugo businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
High Plains Bank Group Inc.
Flagler, CO
1

Hugo Bank Loan Tips

Prior to contacting banks for a 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, define how the money will be used, and show your ability to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the capital is to for a going concern, 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 secure the business with your personal assets, such as your individual retirement account or pension plan. 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 read up on 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

Make the effort and learn as much as you can about Raising Money. For starters, we suggest you read 504 Loans.

More Business Loan Info for Colorado
Get a Business Loan in Highlands Ranch
Get a Business Loan in La Junta

Browse All Business Loan Sources for Colorado