This article is written specifically for small business owners in Leeds, Alabama who are interested in getting a bank loan.
Local Leeds Lenders
Without further adieu, here's our list of small business banks in Leeds.
|Small Business Bank
||Recent SBA Loans
|America's First Federal Credit Union - Leeds
|Bancorpsouth - Leeds
|Bancorpsouth - Moody
|Colonial Bank - Banking Offices- Moody
|First American Bank
Banks that Lend to Leeds Businesses
This is a list of banks outside of Leeds, Alabama that have provided SBA loans to Leeds businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Leeds
As a prerequisite to reaching out to lenders to get a bank 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, define how the money will be used, and show how you intend to to pay the loan back to the lender.
Being able to present a well-written business plan is is critically important. If the money is to for an existing business, 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 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 these banks 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.
Gaebler.com Advice on Raising Money
Gaebler.com is a site that is dedicated to providing advice to small business owners, and we have a
lot of resources related to to Raising
Money. If you want to learn about raising money, one article that might be of interest to you is Investor Turnoffs.
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