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.
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.
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.
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