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

Small Business Lenders in Ontonagon, Michigan

 
Loan Census SBA Loan Info

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

If you are planning on applying for a small business loan and your business is based in Ontonagon, Michigan, we've put together a list of local small business banks that you should contact.

Local Ontonagon Business Loan Sources

To assist you in finding a small business banker, here's our list of small business banks in Ontonagon.

Small Business Bank Recent SBA Loans
Citizens State Bank  

Lenders for Ontonagon Businesses

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

Small Business Bank Recent SBA Loans
Associated Bank
Green Bay, WI
1
Capital One
Mclean, VA
1
Citizens Bank
Lansing, MI
1
The Huntington National Bank
Canton, OH
1

Business Loan Advice for Ontonagon Businesses

As a prerequisite to reaching out to banks for a loan, you will need to have a specific plan.

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 your ability to pay the loan back to the bank.

A well-defined business plan is essential. If the financing 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 pledge 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 are SBA lenders. 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

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review 504 Loans.

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