If you are hoping to get a small business loan and your business is based in Lake Montezuma, Arizona, we've put together a list of local small business banks that you should contact.
SBA Lenders for Lake Montezuma Businesses
This is a list of banks outside of Lake Montezuma, Arizona that have provided SBA loans to Lake Montezuma businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Lake Montezuma Businesses
As a prerequisite to contacting 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 how you plan to pay the money back to the bank.
Being able to present a well-written business plan is essential. If the financing is to for a going concern, 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 cash flow from the business does not meet your projections.
If the business has few assets, you will likely be asked 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 these banks participate in the financial assistance programs available through the SBA. Before meeting with the 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.
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