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.
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.
Gaebler.com Advice on Raising Money
If you are new to our Gaebler.com 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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