We wrote this article for entrepreneurs in Kotzebue, Alaska who are interested in getting a small business loan.
Local Kotzebue Business Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Kotzebue.
|Small Business Bank
||Recent SBA Loans
|Wells Fargo Bank NA
SBA Lenders for Kotzebue Businesses
This is a list of banks outside of Kotzebue, Alaska that have provided SBA loans to Kotzebue businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Kotzebue
As a prerequisite to meeting with banks for a loan, you will need to have a specific plan.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, define how the money will be used, and show your ability to pay the money back to the bank.
A well-defined 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. 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, you will likely be asked to secure the business with 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 meeting with the banker, 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.
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