These materials were prepared for small business owners in Lowell, Arkansas who are interested in getting debt financing.
Local Lowell Lending Resources
To help you learn more about local small business lenders, here's our list of small business banks in Lowell.
|Small Business Bank
||Recent SBA Loans
|Bank of Rogers-Lowell
Lenders for Lowell Businesses
This is a list of banks outside of Lowell, Arkansas that have provided SBA loans to Lowell businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Lowell
Before contacting banks to discuss getting 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, define how the money will be used, and show your ability to pay the loan back to the bank.
Being able to present a well-written business plan is essential. If the financing is to for a company that is already doing 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, you will likely be asked to pledge 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 the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to get up to speed 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 serious about Raising
Money, you need to educate yourself. If you haven't read it
already, we recommend you review
More Business Lender Lists for Arkansas Cities
Get a Business Loan in Little Rock
Get a Business Loan in Magnolia
Browse All Business Loan Sources for Arkansas