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 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.
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.
Gaebler.com Advice on Raising Money
Invest the time to learn as much as you can about Raising
Money. To get started, we recommend you read
More Business Lender Lists for Arkansas Cities
Get a Business Loan in Mountain Home
Get a Business Loan in Newport
Browse All Business Loan Sources for Arkansas