Loan Census Banking News and Information
December 5, 2023  
  Business Loan Information  

Business Loan Kennedy, Alabama

Loan Census SBA Loan Info

Small business loans in Kennedy, Alabama are available. You just need to talk to the right bank.

These materials were prepared for small business proprietors in Kennedy, Alabama who are interested in getting a small business loan.

Local Kennedy Lenders

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

Small Business Bank Recent SBA Loans
Merchants & Farmers Bank  

Business Loan Providers for Kennedy Businesses

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

Small Business Bank Recent SBA Loans
Innovative Bank
Oakland, CA

Tips for Getting a Business Loan in Kennedy

Before reaching out to lenders to discuss getting a bank loan, you will need to have a specific plan.

You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the loan back to the lender.

Having a business plan is essential. If the bank loan 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to pledge your personal assets, such as the equity in your home. 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 you sit down to talk with a small business banker, 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. Advice on Raising Money

If you are new to our site, you should know that we are dedicated to supporting entrepreneurs, and we have a lot of information pertaining to to Raising Money. If raising money is on your to-do list, one article that might be of interest to you is Business Line of Credit.

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