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

Small Business Lenders in Redfield, Arkansas

 
Loan Census SBA Loan Info

Raising money in Redfield, Arkansas? If so, you'll want to talk to some of these small business lenders in Redfield.

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

Other Lending Resources for Redfield Businesses

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

Small Business Bank Recent SBA Loans
Capital One
Mclean, VA
1
Innovative Bank
Oakland, CA
1
Metropolitan National Bank
Little Rock, AR
1
Pine Bluff National Bank
Pine Bluff, AR
2

Business Loan Advice for Redfield Businesses

Prior to meeting with lenders to get a bank 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 lender.

Having a business plan is an important prerequisite. If the financing 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to to guarantee the loan with 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 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

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review Attracting Investors.

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