These materials were prepared for small business proprietors in Opp, Alabama who are interested in getting a bank loan.
Local Opp Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Opp.
|Small Business Bank
||Recent SBA Loans
|Covington County Bank - Opp
Business Loan Providers for Opp Businesses
This is a list of banks outside of Opp, Alabama that have provided SBA loans to Opp businesses. Some of these may be national banks with local branch locations.
Opp Business Loan Advice
Prior to contacting banks to discuss getting 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.
Having a business plan is is critically important. If the loan is to for a company that is already doing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 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
Gaebler.com is a site that is dedicated to helping small business owners, and we have a
lot of useful articles about to Raising
Money. For example, one article that might be of interest to you is Getting a Small Business Loan.
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