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

Business Loan Island, Kentucky

 
Loan Census SBA Loan Info

Raising money in Island, Kentucky? If so, you'll want to talk to some of these small business lenders in Island.

We wrote this article for small business proprietors in Island, Kentucky who are interested in getting debt financing.

Local Island Business Lenders

Without further adieu, here's our list of small business banks in Island.

Small Business Bank Recent SBA Loans
First Security Bank & Trust Mcle 2

Tips for Getting a Business Loan in Island

Prior to meeting with banks for a loan, you will need to determine exactly what size loan you will be asking for.

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.

Having a business plan is essential. If the bank loan is to for a company that is already doing business, 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 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 these banks are SBA lenders. Prior to visiting local banks, 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 planning on Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review Angel Investors.

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