Loan Census Banking News and Information
May 19, 2024  
  Business Loan Information  

Small Business Lenders in Lonoke, Arkansas

Loan Census SBA Loan Info

Raising money in Lonoke, Arkansas? If so, you'll want to talk to some of these small business lenders in Lonoke.

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

Local Lonoke Lenders

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

Small Business Bank Recent SBA Loans
Arvest Bank  
Bank of the Ozarks  
First State Bank 5
Lonoke Banking Center  
Superior Bank  

Banks that Lend to Lonoke Businesses

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

Small Business Bank Recent SBA Loans
Arvest Bank
Tulsa, OK
Bank Of America
Charlotte, NC
Capital One
Mclean, VA
Ecd Investments Bidco Corp
Monroe, LA
Metropolitan National Bank
Little Rock, AR
Small Business Loan Source LLC
Houston, TX

Business Loan Advice for Lonoke Businesses

Before contacting 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, describe what the money will finance, and show how you intend to to pay the loan back to the bank.

Having a business plan is an important prerequisite. If the financing is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 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. 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. Advice on Raising Money is a site that is all about assisting entrepreneurs, and we have a lot of resources related to to Raising Money. For example, we would suggest you read Realistic Debt Financing Options.

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