Loan Census Banking News and Information
April 20, 2021  
 
 
  Business Loan Information  
 

Lexa, Arkansas Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Lexa, Arkansas seems challenging at first, but we're here to help you get started.

If you are hoping to get a small business loan and your business is based in Lexa, Arkansas, we've assembled a list of local small business banks that you should contact.

Local Lexa Banks

To assist you in finding a small business banker, here's our list of small business banks in Lexa.

Small Business Bank Recent SBA Loans
First National Bank of Eastern Arkansas Barton  

Lenders for Lexa Businesses

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

Small Business Bank Recent SBA Loans
Capital One Bank (usa)
Glen Allen, VA
1
Innovative Bank
Oakland, CA
1

Lexa Bank Loan Tips

Prior to meeting with banks 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 your ability to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the bank 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 cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to secure the business with your personal assets, such as your individual retirement account or pension plan. 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 the banks in our list are SBA lenders. Before meeting with the 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

Gaebler.com is a site that is all about helping entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we would suggest you read How to Raise Money.

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