If you are planning on applying for a small business loan and your business is based in Muscle Shoals, Alabama, we've assembled a list of local small business banks that you should contact.
Local Muscle Shoals Business Lenders
Without further adieu, here's our list of small business banks in Muscle Shoals.
Other Lending Resources for Muscle Shoals Businesses
This is a list of banks outside of Muscle Shoals, Alabama that have provided SBA loans to Muscle Shoals businesses. Some of these may be national banks with local branch locations.
|Small Business Bank
|Recent SBA Loans
|Business Loan Center, LLC
Panama City Beach, FL
|Cit Small Business Lending Corp
Muscle Shoals Bank Loan Tips
Before contacting 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan 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. 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 the banks in our list are SBA lenders. Before meeting with the 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.
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