We wrote this article for small business proprietors in New Hope, Alabama who are interested in getting a bank loan.
Local New Hope Lenders
Without further adieu, here's our list of small business banks in New Hope.
|Small Business Bank
||Recent SBA Loans
|Citizens Bank & Trust
Banks that Lend to New Hope Businesses
This is a list of banks outside of New Hope, Alabama that have provided SBA loans to New Hope businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in New Hope
Prior to meeting with banks to get a bank 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, describe what the money will finance, and show your ability to pay the loan back to the bank.
Having a business plan is an important prerequisite. If the money 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 guarantee 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 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 meeting with the banker, 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
If you are new to our Gaebler.com site, you should know that we are passionate about aiding 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 Business Line of Credit.
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