This article is written specifically for small business owners in Mena, Arkansas who are interested in getting debt financing.
Local Mena Banks
To help you learn more about local small business lenders, here's our list of small business banks in Mena.
Banks that Lend to Mena Businesses
This is a list of banks outside of Mena, Arkansas that have provided SBA loans to Mena businesses. Some of these may be national banks with local branch locations.
Mena Business Loan Advice
Prior to 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, define how the money will be used, 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. 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, you will likely be asked to to guarantee the loan with 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 these banks participate in the financial assistance programs available through the SBA. Before meeting with the 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.
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