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March 29, 2024  
 
 
  Business Loan Information  
 

Business Loan Lookout Mountain, Tennessee

 
Loan Census SBA Loan Info

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

We wrote this article for small business proprietors in Lookout Mountain, Tennessee who are interested in getting a small business loan.

Banks that Lend to Lookout Mountain Businesses

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

Small Business Bank Recent SBA Loans
Zions First National Bank
West Valley City, UT
1

Tips for Getting a Business Loan in Lookout Mountain

As a prerequisite to contacting banks for a loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the money back to the bank.

Having a business plan is an important prerequisite. 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 to guarantee the loan 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 the banks in our list are SBA lenders. 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

If you are new to our Gaebler.com site, you should know that we are devoted to providing advice to entrepreneurs, and we have a lot of resources related to to Raising Money. To learn more, one article that might be of interest to you is How Much Venture Capital Is There?.

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