If you are hoping to get a small business loan and your business is based in Newton, Alabama, we've assembled a list of local small business banks that you should contact.
Local Newton Business Loan Sources
Without further adieu, here's our list of small business banks in Newton.
|Small Business Bank
||Recent SBA Loans
|Southtrust Bank - Newton
Other Lending Resources for Newton Businesses
This is a list of banks outside of Newton, Alabama that have provided SBA loans to Newton businesses. Some of these may be national banks with local branch locations.
Newton Bank Loan Tips
Prior to contacting banks to get a bank loan, you will need to determine exactly what size loan you will be asking for.
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 how you intend to to pay the loan back to the bank.
Having a business plan is is critically important. If the money is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss 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 secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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
Make it a priority to learn as much as you can about Raising
Money. For starters, we recommend you read
Getting a Small Business Loan.
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