Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Marion, Virginia

 
Loan Census SBA Loan Info

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

If you are planning on applying for a small business loan and your business is based in Marion, Virginia, we've put together a list of local small business banks that you should contact.

Local Marion Business Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Marion.

Small Business Bank Recent SBA Loans
Bank of Marion  
BB & T Commercial Loans - Virginia Offices  
BTC Marion  
Farm Credit  
First American Federal Savings Bank  
First Residential Mortgage Corporation  
Highlands Union Bank  

Other Lending Resources for Marion Businesses

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

Small Business Bank Recent SBA Loans
1st Bank & Trust
Bristol, VA
1
Wells Fargo Bank
San Jose, CA
1

Business Loan Advice for Marion Businesses

As a prerequisite to contacting banks 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.

Having a business plan is essential. If the capital 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 you cannot repay the loan.

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 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 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.

Gaebler.com Advice on Raising Money

Gaebler.com is a site that is deeply committed to supporting entrepreneurs, and we have a lot of information pertaining to to Raising Money. For example, we recommend you read 504 Loans.

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