Loan Census Banking News and Information
December 7, 2023  
  Business Loan Information  

Millbrook, Alabama Business Loan

Loan Census SBA Loan Info

I need a loan for my business in Millbrook, Alabama! If that's what's on your mind, you've come to the right place.

These materials were prepared for entrepreneurs in Millbrook, Alabama who are interested in getting a small business loan.

Local Millbrook Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Millbrook.

Small Business Bank Recent SBA Loans
Aliant Bank - Millbrook Office  
Amsouth Bank  
Colonial Bank  
Diebold Incorporated  
First Commun Bank - Cent. Alabam 1
First Community Bank of Central Alabama  
First Community Mortgage  
Peoples Bank & Trust  
Peoples Bank and Trust CO - Millbrook Branch  

Lenders for Millbrook Businesses

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

Small Business Bank Recent SBA Loans
1st National Bank - Brundidge
Brundidge, AL
Aliant Bank
Montgomery, AL
Capital One
Mclean, VA
Innovative Bank
Oakland, CA

Millbrook Business Loan Advice

Before meeting with lenders for a 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 your ability to pay the loan back to the lender.

A well-defined business plan is essential. If the money 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 guarantee the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which you cannot repay the loan.

If the business has few assets, you will likely be asked to secure the business with your personal assets, such as the equity in your home. 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. Before you sit down to talk with a small business 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. Advice on Raising Money

Our site is dedicated to assisting small business owners, and we have a lot of useful articles about to Raising Money. For example, we would suggest you read 504 Loans.

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