If you are looking for a small business loan and your business is based in Mayflower, Arkansas, we've put together a list of local small business banks that you should contact.
Local Mayflower Business Loan Sources
To help you learn more about local small business lenders, here's our list of small business banks in Mayflower.
|Small Business Bank
||Recent SBA Loans
|First State Bank - Branch Banks- Mayflower Branch
SBA Lenders for Mayflower Businesses
This is a list of banks outside of Mayflower, Arkansas that have provided SBA loans to Mayflower businesses. Some of these may be national banks with local branch locations.
Mayflower Bank Loan Tips
Prior to 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 is critically important. If the capital 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 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. Before meeting with the 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 planning on Raising
Money, you need to get up to speed on the subject. If you haven't read it
already, we recommend you review
Business Line of Credit.
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