We wrote this article for small business owners in Jackson, Alabama who are interested in getting a small business loan.
Local Jackson Business Loan Sources
To help you learn more about local small business lenders, here's our list of small business banks in Jackson.
|Small Business Bank
||Recent SBA Loans
|First United Security Bank
|Regions Bank - Office
|Southwest Bank of Alabama
SBA Lenders for Jackson Businesses
This is a list of banks outside of Jackson, Alabama that have provided SBA loans to Jackson businesses. Some of these may be national banks with local branch locations.
Jackson 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, walk the banker through the planned use of proceeds, 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 money 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. 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 serious about Raising
Money, you need to educate yourself. If you haven't read it
already, we recommend you review
Choosing VC Firms.
More Business Loan Info for Alabama
Get a Business Loan in Huntsville
Get a Business Loan in Jacksonville
Browse All Business Loan Sources for Alabama