We wrote this article for entrepreneurs in Montevallo, Alabama who are interested in getting a bank loan.
Local Montevallo Lending Resources
To assist you in finding a small business banker, here's our list of small business banks in Montevallo.
|Small Business Bank
||Recent SBA Loans
|Butterworth Bob CLU
|People's Bank and Trust
|Regions Bank of Shelby County
|The Peoples Bank & Trust Company
Lenders for Montevallo Businesses
This is a list of banks outside of Montevallo, Alabama that have provided SBA loans to Montevallo businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Montevallo
As a prerequisite to meeting with banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show how you intend to to pay the money back to the bank.
A well-defined business plan is essential. If the bank loan is to for a going concern, 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, the bank may ask you to to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 the banks in our list are SBA lenders. 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
If you are new to our Gaebler.com site, you should know that we are dedicated to providing advice to small business owners, and we have a
lot of resources related to to Raising
Money. For example, one article that might be of interest to you is 504 Loans.
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