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March 29, 2024  
 
 
  Business Loan Information  
 

Business Loan Lore City, Ohio

 
Loan Census SBA Loan Info

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

These materials were prepared for small business owners in Lore City, Ohio who are interested in getting a bank loan.

Other Lending Resources for Lore City Businesses

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

Small Business Bank Recent SBA Loans
Wesbanco Bank, Inc.
Wheeling, WV
1

Tips for Getting a Business Loan in Lore City

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

Being able to present a well-written business plan is essential. If the loan is to for a going concern, 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 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 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. 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 planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Only Idiots Send Venture Capitalists Business Plans.

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