If you are looking for a small business loan and your business is based in Magalia, California, we've put together a list of local small business banks that you should contact.
Local Magalia Banks
Without further adieu, here's our list of small business banks in Magalia.
|Small Business Bank
||Recent SBA Loans
|Butte Community Bank
Business Loan Providers for Magalia Businesses
This is a list of banks outside of Magalia, California that have provided SBA loans to Magalia businesses. Some of these may be national banks with local branch locations.
Magalia Bank Loan Tips
Before meeting with 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, define how the money will be used, and show your ability to pay the money back to the bank.
A well-defined business plan is essential. If the loan is to for an existing 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 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 participate in the financial assistance programs available through the SBA. 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
Our Gaebler.com site is dedicated to providing advice to entrepreneurs, and we have a
lot of useful articles about to Raising
Money. If raising money is on your to-do list, we recommend you read Realistic Debt Financing Options.
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