Loan Census Banking News and Information
April 21, 2021  
 
 
  Business Loan Information  
 

Pell City, Alabama Small Business Loans

 
Loan Census SBA Loan Info

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

If you are looking for a small business loan and your business is based in Pell City, Alabama, we've assembled a list of local small business banks that you should contact.

Local Pell City Banks

Without further adieu, here's our list of small business banks in Pell City.

Small Business Bank Recent SBA Loans
Metro Bank 2
Union State Bank-Telephone Banking  

Other Lending Resources for Pell City Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
New York, NY
1
Business Loan Center, LLC
Panama City Beach, FL
3
Innovative Bank
Oakland, CA
1
Regions Bank
Atlanta, GA
1
Superior Bank
Birmingham, AL
1

Pell City Bank Loan Tips

Before reaching out to banks for a 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, describe what the money will finance, and show how you plan to pay the loan back to the bank.

A well-defined business plan is is critically important. If the bank 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 guarantee 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 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 are SBA lenders. Prior to visiting local banks, 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

Take the time to learn as much as you can about Raising Money. To get started, we recommend you read Getting a Small Business Loan.

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