This article is written specifically for small business owners in Mcdougal, Arkansas who are interested in getting a bank loan.
Lenders for Mcdougal Businesses
This is a list of banks outside of Mcdougal, Arkansas that have provided SBA loans to Mcdougal businesses. Some of these may be national banks with local branch locations.
Mcdougal Business Loan Advice
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 plan to pay the loan back to the bank.
Being able to present a well-written business plan is is critically important. If the loan 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 cash flow from the business does not meet your projections.
If the business has few assets, you will likely be asked to pledge your personal assets, such as the equity in your home. 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 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.
Gaebler.com Advice on Raising Money
If you are new to our Gaebler.com site, you should know that we are passionate about helping small business owners, and we have a
lot of useful articles about to Raising
Money. If you want to learn about raising money, one article that might be of interest to you is Angel Investors.
Business Loan Sources for Other Cities in Arkansas
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