Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Lake, Mississippi Business Loan

 
Loan Census SBA Loan Info

Looking for a Lake, Mississippi small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

We wrote this article for small business proprietors in Lake, Mississippi who are interested in getting a small business loan.

Other Lending Resources for Lake Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
Panama City Beach, FL
1
First Financial Bank
Carthage, MS
4
The Bank Of Forest
Forest, MS
1

Lake Business Loan Advice

As a prerequisite to contacting banks for a 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.

Having a business plan is essential. If the loan is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 pledge your personal assets, such as your individual retirement account or pension plan. 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 read up on 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

Make the effort and learn as much as you can about Raising Money. To get the ball rolling, we recommend you read 504 Loans.

More Business Loan Info for Mississippi
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