If you are looking for a small business loan and your business is based in Oneonta, Alabama, we've assembled a list of local small business banks that you should contact.
Local Oneonta Banks
To assist you in finding a small business banker, here's our list of small business banks in Oneonta.
Business Loan Providers for Oneonta Businesses
This is a list of banks outside of Oneonta, Alabama that have provided SBA loans to Oneonta businesses. Some of these may be national banks with local branch locations.
Oneonta Bank Loan Tips
Before reaching out to banks to get a bank loan, you will need to have a specific plan.
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.
Being able to present a well-written business plan is essential. If the loan 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 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 you sit down to talk with a small business 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
Take the time to learn as much as you can about Raising
Money. For starters, we recommend you read
Business Credit Evaluation.
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