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March 28, 2024  
 
 
  Business Loan Information  
 

Business Loan Richlands, Virginia

 
Loan Census SBA Loan Info

I need a loan for my business in Richlands, Virginia! If that's what's on your mind, you've come to the right place.

This article is written specifically for small business owners in Richlands, Virginia who are interested in getting a small business loan.

Local Richlands Business Loan Sources

To assist you in finding a small business banker, here's our list of small business banks in Richlands.

Small Business Bank Recent SBA Loans
Bank of Tazewell County-Richlands Branch  
BB & T  
Black Diamond Savings Bank  
First Community Bank - Richlands  
First Virginia Bank  
FNB South East  

SBA Lenders for Richlands Businesses

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

Small Business Bank Recent SBA Loans
National Bank - Blacksburg
Tazewell, VA
1

Tips for Getting a Business Loan in Richlands

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

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the money back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the capital is to for an existing 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 to guarantee the loan 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 the banks in our list participate in the financial assistance programs available through the SBA. Prior to visiting local banks, 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

Take the time to learn as much as you can about Raising Money. For starters, we recommend you read Angel Investors.

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