If you are planning on applying for a small business loan and your business is based in Palermo, California, we've put together a list of local small business banks that you should contact.
SBA Lenders for Palermo Businesses
This is a list of banks outside of Palermo, California that have provided SBA loans to Palermo businesses. Some of these may be national banks with local branch locations.
Palermo Bank Loan Tips
As a prerequisite to reaching out to banks to discuss getting a bank 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, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.
A well-defined business plan is essential. 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, the bank may ask you to 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 are SBA lenders. Prior to visiting local banks, you may want to read up on 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
Our Gaebler.com site is all about aiding entrepreneurs, and we have a
lot of information pertaining to to Raising
Money. For example, we recommend you read Getting a Small Business Loan.
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