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October 7, 2024  
 
 
  Business Loan Information  
 

Melfa, Virginia Small Business Loans

 
Loan Census SBA Loan Info

Raising money in Melfa, Virginia? If so, you'll want to talk to some of these small business lenders in Melfa.

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

SBA Lenders for Melfa Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
1

Melfa Bank Loan Tips

Prior to contacting 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.

A well-defined business plan is is critically important. If the loan is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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 to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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 read up on 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 assisting small business owners, and we have a lot of resources related to to Raising Money. For example, we would suggest you read Choosing VC Firms.

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