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

Business Loan Oak Ridge, Tennessee

 
Loan Census SBA Loan Info

Getting a business loan in Oak Ridge, Tennessee seems challenging at first, but we're here to help you get started.

This article is written specifically for small business owners in Oak Ridge, Tennessee who are interested in getting debt financing.

Local Oak Ridge Banks

Without further adieu, here's our list of small business banks in Oak Ridge.

Small Business Bank Recent SBA Loans
Amsouth Bank Oak Ridge  
Banc Of America Investment Services- Inc  
Bank Of America  
Home Federal Bank  
O R N L Fcu 2
Oak Ridge Federal Credit Union  
Professional ATM Services LLP  
Suntrust Bank 3

SBA Lenders for Oak Ridge Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
6
Branch Bank & Trust
Winston Salem, NC
1
Capital One
Mclean, VA
2
Cit Small Business Lending Corp
Livingston, NJ
1
Citizens Bank
Elizabethton, TN
1
Commercial Bank
Harrogate, TN
1
First National Bank
Knoxville, TN
2
First Tennessee Bank
Memphis, TN
1
Greenbank
Knoxville, TN
1
Innovative Bank
Oakland, CA
1
Regions Bank
Memphis, TN
1
Suntrust Bank
Atlanta, GA
1
Suntrust Service Corporation
Nashville, TN
1
Superior Financial Group, LLC
Walnut Creek, CA
2

Tips for Getting a Business Loan in Oak Ridge

Before reaching out to 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, define how the money will be used, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the financing is to for a company that is already doing business, 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to secure the business 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

Take the time to learn as much as you can about Raising Money. To get started, we recommend you read Borrowing Money from Friends and Family.

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