Loan Census Banking News and Information
November 30, 2023  
  Business Loan Information  

Murfreesboro, Arkansas Small Business Loans

Loan Census SBA Loan Info

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

If you are hoping to get a small business loan and your business is based in Murfreesboro, Arkansas, we've assembled a list of local small business banks that you should contact.

Local Murfreesboro Lenders

Without further adieu, here's our list of small business banks in Murfreesboro.

Small Business Bank Recent SBA Loans
Diamond Bank 1
Diamond State Bank - Data Processing  
First National Bank  

SBA Lenders for Murfreesboro Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
Elk Horn Bank & Trust Company
Arkadelphia, AR
Haven Trust Bank
Duluth, GA

Murfreesboro Bank Loan Tips

Prior to reaching out to 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 your ability to pay the loan back to the bank.

A well-defined business plan is is critically important. If the financing 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 pledge 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. Prior to visiting local banks, you may want to do your homework 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

Invest the time to learn as much as you can about Raising Money. To get started, we recommend you read Business Incubators.

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