Loan Census Banking News and Information
April 23, 2021  
 
 
  Business Loan Information  
 

Lennox, California Small Business Loans

 
Loan Census SBA Loan Info

I need a loan for my business in Lennox, California! If that's what's on your mind, you've come to the right place.

If you are planning on applying for a small business loan and your business is based in Lennox, California, we've assembled a list of local small business banks that you should contact.

Other Lending Resources for Lennox Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
1
National Bank Of California
Los Angeles, CA
1
Saehan Bank
Los Angeles, CA
1

Lennox Bank Loan Tips

As a prerequisite to reaching out to lenders to get a bank loan, you will need to determine exactly what size loan you will be asking for.

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 plan to pay the loan back to the lender.

Having a business plan is essential. If the money 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 guarantee 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 secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will look at your personal credit report 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. Prior to visiting local banks, 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

If you are new to our Gaebler.com site, you should know that we are all about helping entrepreneurs, and we have a lot of resources related to to Raising Money. To learn more, we recommend you read Attracting Investors.

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