Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

North Muskegon, Michigan Business Loan

 
Loan Census SBA Loan Info

I need a loan for my business in North Muskegon, Michigan! If that's what's on your mind, you've come to the right place.

This article is written specifically for entrepreneurs in North Muskegon, Michigan who are interested in getting a small business loan.

Other Lending Resources for North Muskegon Businesses

This is a list of banks outside of North Muskegon, Michigan that have provided SBA loans to North Muskegon businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
Citizens Bank
Lansing, MI
3
Community Shores Bank
Muskegon, MI
3
Fifth Third Bank
Grand Rapids, MI
2
Macatawa Bank
Holland, MI
1
National City Bank
Bannockburn, IL
3

North Muskegon Business Loan Advice

Prior to contacting lenders to get a bank 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 your ability to pay the loan back to the lender.

A well-defined business plan is is critically important. If the capital 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 to guarantee the loan with your personal assets, such as your individual retirement account or pension plan. 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 these banks participate in the financial assistance programs available through the SBA. 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.

Gaebler.com Advice on Raising Money

If you are new to our Gaebler.com site, you should know that we are deeply committed to assisting entrepreneurs, and we have a lot of resources related to to Raising Money. For example, we would suggest you read Microlending as a Small Business Funding Source.

Business Loan Sources for Other Cities in Michigan
Get a Business Loan in Niles
Get a Business Loan in Northville

Browse All Business Loan Sources for Michigan