If you are hoping to get a small business loan and your business is based in Piedmont, Alabama, we've put together a list of local small business banks that you should contact.
Local Piedmont Lenders
To help you learn more about local small business lenders, here's our list of small business banks in Piedmont.
|Small Business Bank
|Recent SBA Loans
|Farmers & Merchants Bank
Banks that Lend to Piedmont Businesses
This is a list of banks outside of Piedmont, Alabama that have provided SBA loans to Piedmont businesses. Some of these may be national banks with local branch locations.
Business Loan Advice for Piedmont Businesses
Prior to contacting banks for a 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, describe what the money will finance, and show how you intend to to pay the loan back to the bank.
Being able to present a well-written business plan is essential. If the money is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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, the bank may ask you to to secure the business with your personal assets, such as your individual retirement account or pension plan. 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 these banks 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 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
If you are serious about Raising
Money, you need to get up to speed on the subject. If you haven't read it
already, we recommend you review
Borrowing Money from Friends and Family.
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