If you are looking for a small business loan and your business is based in Malvern, Arkansas, we've assembled a list of local small business banks that you should contact.
Local Malvern Banks
Without further adieu, here's our list of small business banks in Malvern.
Business Loan Providers for Malvern Businesses
This is a list of banks outside of Malvern, Arkansas that have provided SBA loans to Malvern businesses. Some of these may be national banks with local branch locations.
Malvern Bank Loan Tips
Before contacting lenders to get a bank loan, you will need to have a specific plan.
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 lender.
Having a business plan is essential. If the money is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss 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 secure the business with your personal assets, such as the equity in your home. 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. Before you sit down to talk with a small business banker, you may want to do your homework 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.
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