Loan Census Banking News and Information
April 15, 2021  
 
 
  Business Loan Information  
 

Rainbow City, Alabama Small Business Loans

 
Loan Census SBA Loan Info

Small business loans in Rainbow City, Alabama are available. You just need to talk to the right bank.

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

Local Rainbow City Lenders

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

Small Business Bank Recent SBA Loans
Compass Bank - Area Banking Location  
Regions Bank - Rainbow City Office  
The Bank of Rainbow City  
The Exchange Bank of Alabama - Rainbow City Office  
Wachovia Bank 1

SBA Lenders for Rainbow City Businesses

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

Small Business Bank Recent SBA Loans
Branch Bank & Trust
Winston Salem, NC
1
Business Loan Center, LLC
New York, NY
1
Capital One
Mclean, VA
1
Cit Small Business Lending Corp
Livingston, NJ
1
Newtek Small Business Finance Inc.
New York, NY
2
Superior Bank
Gadsden, AL
1
The Exchange Bank Of Alabama
Altoona, AL
2
Wachovia SBA Lending, Inc.
Roseville, CA
1

Rainbow City Bank Loan Tips

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

Being able to present a well-written business plan is is critically important. If the money 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, the bank may ask you to to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 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

Our Gaebler.com site is devoted to assisting entrepreneurs, and we have a lot of resources related to to Raising Money. To learn more, one article that might be of interest to you is 504 Loans.

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