If you are hoping to get a small business loan and your business is based in Marion, Arkansas, we've assembled a list of local small business banks that you should contact.
Local Marion Lending Resources
To assist you in finding a small business banker, here's our list of small business banks in Marion.
|Small Business Bank
||Recent SBA Loans
|First Commun Bank - Eastern Arka
|First Community Bank of Eastern Arkansas
|Union Planters Bank - Marion Branch
SBA Lenders for Marion Businesses
This is a list of banks outside of Marion, Arkansas that have provided SBA loans to Marion businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Marion Businesses
Prior to reaching out to banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.
You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the loan back to the bank.
Having a business plan is an important prerequisite. If the capital 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 your individual retirement account or pension plan. 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 are SBA lenders. Prior to visiting local banks, 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.
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