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March 28, 2024  
 
 
  Business Loan Information  
 

Phillipsburg, Missouri Business Loan

 
Loan Census SBA Loan Info

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

We wrote this article for small business owners in Phillipsburg, Missouri who are interested in getting a small business loan.

Business Loan Providers for Phillipsburg Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
1
O'bannon Banking Company
Buffalo, MO
1

Phillipsburg Business Loan Advice

Before meeting with lenders to discuss getting a bank loan, you will need to develop the specifics of your loan request.

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 your ability to pay the loan back to the lender.

Being able to present a well-written business plan is is critically important. If the capital is to for a company that is already doing business, 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 your individual retirement account or pension plan. 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 these banks participate in the financial assistance programs available through the SBA. 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

Make the effort and learn as much as you can about Raising Money. To get started, we suggest you read 504 Loans.

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