Loan Census Banking News and Information
May 19, 2024  
  Business Loan Information  

Business Loan Russellville, Alabama

Loan Census SBA Loan Info

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

We wrote this article for small business proprietors in Russellville, Alabama who are interested in getting debt financing.

Local Russellville Business Lenders

To help you learn more about local small business lenders, here's our list of small business banks in Russellville.

Small Business Bank Recent SBA Loans
Bank Independent 1
Citizens Bank & Savings Co 11
Colonial Bank  
Community Spirit Bank  
First Metro Bank 1
Valley State Bank - Littleville Office  
Valley State Bank - Main OFC  

Lenders for Russellville Businesses

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

Small Business Bank Recent SBA Loans
Business Loan Center, LLC
Panama City Beach, FL
Capital One
Mclean, VA
Cit Small Business Lending Corp
Livingston, NJ
Community Spirit Bank
Red Bay, AL
Compass Bank
Birmingham, AL
Traders & Farmers Bank
Haleyville, AL

Tips for Getting a Business Loan in Russellville

Prior to meeting with banks to get 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, define how the money will be used, and show your ability to pay the loan back to the bank.

Having a business plan is is critically important. 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 secure 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 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. Before meeting with the banker, you may want to get up to speed 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. Advice on Raising Money

If you are serious about Raising Money, you need to learn as much as you can. If you haven't read it already, we recommend you review How Much Venture Capital Is There?.

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