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March 29, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Palmer, Michigan

 
Loan Census SBA Loan Info

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

If you are hoping to get a small business loan and your business is based in Palmer, Michigan, we've assembled a list of local small business banks that you should contact.

SBA Lenders for Palmer Businesses

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

Small Business Bank Recent SBA Loans
Peninsula Bank - Ishpening
Ishpeming, MI
2

Business Loan Advice for Palmer Businesses

Prior to meeting with 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, define how the money will be used, and show how you intend to to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. If the money is to for an existing business, 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 look at your personal credit report 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 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

Make the effort and learn as much as you can about Raising Money. For starters, we suggest you read 504 Loans.

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