Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Business Loan Melrose, Ohio

 
Loan Census SBA Loan Info

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

We wrote this article for small business proprietors in Melrose, Ohio who are interested in getting a bank loan.

SBA Lenders for Melrose Businesses

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

Small Business Bank Recent SBA Loans
The Huntington National Bank
Toledo, OH
1

Tips for Getting a Business Loan in Melrose

Before meeting with banks for a 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 how you intend to to pay the loan back to the bank.

Having a business plan is essential. If the loan is to for a company that is already doing 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, the bank may ask you to to pledge 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 participate in the financial assistance programs available through the SBA. 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.

Gaebler.com Advice on Raising Money

Gaebler.com is a site that is passionate about aiding entrepreneurs, and we have a lot of resources related to to Raising Money. For example, we would suggest you read Business Cash Advances.

More Business Loan Info for Ohio
Get a Business Loan in Medina
Get a Business Loan in Mentor

Browse All Business Loan Sources for Ohio