We wrote this article for small business proprietors in Newport, Arkansas who are interested in getting a small business loan.
Local Newport Lenders
Without further adieu, here's our list of small business banks in Newport.
|Small Business Bank
||Recent SBA Loans
|First Community Bank
|Merchants & Planters Bank
|Union Planters Bank - Main Office
|Union Planters Bank - Village Mall
Banks that Lend to Newport Businesses
This is a list of banks outside of Newport, Arkansas that have provided SBA loans to Newport businesses. Some of these may be national banks with local branch locations.
Newport Business Loan Advice
Prior to reaching out to 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, define how the money will be used, and show your ability to pay the money back to the bank.
Having a business plan is an important prerequisite. If the financing is to for an existing business, 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, you will likely be asked to to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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
Gaebler.com is a site that is dedicated to helping entrepreneurs, and we have a
lot of resources related to to Raising
Money. For example, we recommend you read 504 Loans.
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